Mumbai, May 14, 2020: Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 31st March 2020 today.
In accordance with IND AS 115, Company recognizes its revenues on completion of contract method.
FINANCIAL PERFORMANCE FOR FY20 vs FY19
FINANCIAL PERFORMANCE FOR Q4 FY20 vs Q3 FY20
Mahindra Homes Private Limited (MHPL), a Joint Venture of the Company, is executing residential projects at NCR and Bengaluru. The residential project in NCR is a Joint Development with the landowner. The project saw a successful launch in 2015 in a buoyant market. The market has thereafter seen muted demand and declining prices. During the year the company also saw significant cancellations of earlier bookings. Consequently, MHPL has valued its balance inventory as per its accounting policies. Similarly, the Company has in turn, based on estimated Net Present Value of forecasted cash flows, provided for impairment of its equity value in MHPL. On a consolidated basis, the impact of impairment is Rs 135 crores, in addition to an impact of Rs 64 crores as Share of Loss from MHPL JV. This has been done as a matter of prudence considering uncertain market conditions.
Commenting on the performance, Ms. Sangeeta Prasad, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said, "We are happy with the robust sales in our affordable housing project in Kalyan and the industrial customer acquisition in Chennai and Jaipur in Q4F20. We had planned a couple of launches in March-20 but did not go ahead because of the Covid 19 conditions. Being abundantly cautious, we have made a one-time provision in our financials for our project in NCR which was launched in 2015. With our strong cash position and balance sheet, coupled with the government taking positive steps, we are well positioned to leverage the future."
KEY HIGHLIGHTS FOR FY20
KEY HIGHLIGHTS FOR Q4 FY20
ABOUT MAHINDRA LIFESPACE DEVELOPERS LTD.
Established in 1994, Mahindra Lifespace Developers Ltd. is the real estate and infrastructure development business of the USD 20.7 billion Mahindra Group, and a pioneer of sustainable urbanisation in India. The Company is committed to transforming India’s urban landscape through its residential developments under the 'Mahindra Lifespaces' and 'Happinest' brands; and through its integrated cities and industrial clusters under the ‘Mahindra World City’ and 'Origins by Mahindra World City' brands.
Mahindra Lifespaces is driven by its credo of 'Sell genuinely, Build responsibly, Deliver on time’ to develop innovative,customer-focused solutions that are rooted in a legacy of trust and transparency. The Company’s development footprint spans 25.3 million sq. ft. (2.3 million sq. m.) of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development/management at its integrated developments / industrial clusters across four locations.
A pioneer of the green homes movement, Mahindra Lifespaces is one of the first real estate companies in India to have committed to the global Science Based Targets initiative (SBTi). The Company’s developments are characterised by thoughtful design and a welcoming environment that enhance overall quality of life for both individuals and industries.
Mahindra Lifespaces has been ranked 17th among India's Great Mid-Size Workplaces 2019, by the Great Place To Work Institute.
Learn more about Mahindra Lifespaces at www.mahindralifespaces.com
For further enquiries please contact:
Mr. Sumit Kasat
General Manager – Finance and Investor Relations
Mahindra Lifespace Developers Ltd.
Phone: +91 22 6747 8645
Email: [email protected]
Mr. Pramuch Goel
General Manager, Group Communications
Phone: +91 22 2490 5943
Email: [email protected]
For Mahindra Lifespace Developers Ltd
Managing Director and CEO