Mumbai, July 29, 2016: Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its audited financial results for the quarter ended June 30th2016 today.
FINANCIAL PERFORMANCE
Indian Accounting Standards (IND AS) are applicable to the company for the period commencing on or after April 01, 2016. Thus, the results for the quarter ended June 30, 2016 are as per the new standards and are subjected to Limited Review. The results for the quarter ended June 30, 2015 have also been recast to facilitate comparison. The comparatives for the corresponding quarter of the previous year are not subject to Limited Review / Audit. However, the management has exercised necessary due diligence to ensure that these provide a true and fair view of its affairs.
• The Standalone Total Income for Q1 FY17 is Rs. 107 crores compared toRs. 129 crores in Q1 FY16
• The Standalone PAT is Rs. 15 crores compared to Rs. 11 crores in Q1 FY16
BUSINESS HIGHLIGHTS FOR Q1FY17
The operating highlights for Q1 FY17for the Company and its subsidiaries /joint ventures /associates engaged in the real estate business are given below:
Residential (Premium Residential + Affordable Housing)
· Recorded sales of 256 units worth Rs. 158 crores
· Launched subsequent phase at Antheia, Pune and HappinestBoisar, Mumbai with a combined saleable area of 0.02mnsqm (0.25mnsft)
· Achieved revenue recognition at Antheia Phase IIC
· Achieved project completion at Ashvita Phase IV; total area completed during the quarter was 0.02 mnsqm (0.21 mnsft)
· Commenced handovers at three projects – Ashvita in Hyderabad, Nova in MWC Chennai and HappinestAvadi in Chennai; Delivered ~ 600 homes to customers in Q1 FY17
Integrated Business Cities
· Signed 1 new customer in MWCChennai
· Signed 1 new customer in IT/ITeS zone in MWC Jaipur; 2 customers acquired additional space for expansion at MWC Jaipur in Q1 FY17
Commenting on the performance, Anita Arjundas, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said,“There has been an upward trend in the demand for residential projects in the sub Rs. 1 crore segment. This has reflected in higher y-o-y sales across our projects catering to this segment of the market. Continuing our emphasis on execution, close to 600 units were handed over during the quarter, which is the highest quarterly handovers in the company’s history.”
IND AS update
• Indian Accounting Standards (IND AS) are applicable to the company for the period commencing on or after April 01, 2016.
• Based on SEBI Circular CIR/CFD/FAC/62/2016 dated July 5, 2016, the Company has opted to publish standalone financial results for the first quarter ending on 30th June, 2016.
• Thus, the results for the quarter ended June 30, 2016 are as per the new standards and are subjected to Limited Review.
• The results for quarter ended June 30, 2015 have also been recast to facilitate comparison. The comparatives for the corresponding quarter of the previous year are not subject to Limited Review / Audit. However, the management has exercised necessary due diligence to ensure that these provide a true and fair view of its affairs.
• The option of submitting standalone or consolidated financial results for the subsequent quarters of this financial year 2016-17 will be intimated to the Stock Exchanges before the end of second quarter of this financial year as envisaged in theSEBI Circular dated July 5, 2016.
Corporate Comm India(CCI Newswire)
