You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Mahindra Lifespace firms up after strong earnings

Capital Market 

The result was announced during trading hours on Monday, 22 April 2013. Shares of Developers fell 1.14% to Rs 378 on that day.

Meanwhile, the Sensex was down 94.83 points, or 0.49%, to 19,075.

On BSE, 2,755 shares were traded in the counter as against an average daily volume of 1,310 shares in the past one quarter.

The stock hit a high of Rs 392.40 and a low of Rs 385 so far during the day. The stock had hit a 52-week high of Rs 452 on 19 November 2012. The stock had hit a 52-week low of Rs 283.95 on 10 May 2012.

The stock had underperformed the market over the past one month till 22 April 2013, rising 0.60% compared with the Sensex's 2.32% rise. The scrip had also underperformed the market in past one quarter, falling 8.70% as against Sensex's 4.06% fall.

The small-cap company has an equity capital of Rs 40.83 crore. Face value per share is Rs 10.

Consolidated net profit rose 18.49% to Rs 141 crore on 6.04% increase in total income to Rs 772 crore in the year ended March 2013 over the year ended March 2012.

The board of Developers has recommended dividend of Rs 6 per equity share.

Commenting on the performance, Anita Arjundas, Managing Director & CEO, Developers, said, "Our focus on execution in the residential segment, coupled with strong sales momentum and new customer additions in Mahindra World City Chennai and Jaipur, have contributed to the robust performance this year. During the year FY13, we have added new land inventory with an estimated development potential of 2 mn sqft. We believe we are well placed for continued growth driven performance in the coming years."

Commenting on the results, Jayantt Manmadkar, Vice President - Finance, Mahindra Lifespace Developers said, "With increasing maturity and level of activity in the subsidiaries, we are seeing greater contribution to revenue and profit from these subsidiaries at a consolidated level."

The company said that Mahindra World City, Jaipur added 7 new customers and 2 new customers were added at Mahindra World City, Chennai. JCB India expanded its footprint in Mahindra World City, Jaipur by adding approximately 45 acres. Combined exports from Mahindra Word City Chennai and Jaipur crossed Rs 6700 crore for the year ended March 2013, a rise of 39% year-on-year (YoY). Combined direct employment crossed 34,500 as of March 2013, a rise of 16% over the corresponding period last year.

Meanwhile, the company said that total residential units sold across 6 projects in Q4 March 2013 stood at 274, a 200% increase over Q4 March 2012. The total value of units sold in the same period was Rs 151 crore, a 186% increase over Q4 March 2012.

The company said it launched new phases of residential projects Aqualily (Chennai), Antheia (Pune) and Ashvita (Hyderabad) during Q4 March 2013.

The company said that its Eminente - Angelica project at Goregaon in Mumbai completed ahead of schedule. The firm has acquired a land parcel in Andheri, Mumbai with an estimated saleable area of 0.37 million square feet. It has entered Bengaluru with acquisition of a land parcel having an estimated saleable area of 0.67 million square feet.

Mahindra Lifespace Developers announced during trading hours on Tuesday, 23 April 2013, that foreign institutional investors' (FII) limit in the company has reached 28.21% on 19 April 2013. According to the Reserve Bank of India, FIIs can invest up to 30% in the company.

Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, is a leader in sustainable urban development, through the creation of residential and integrated large format developments across nine Indian cities - Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bangalore. The company's residential & commercial development footprint includes over 7.7 million square feet (sq.ft.) of completed projects and close to 10 million sq.ft. of ongoing and forthcoming projects. Mahindra Lifespaces has pioneered the concept of an integrated business city through 'Mahindra World City' developments in Chennai and Jaipur. These developments cover 4,600 acres and house over 100 reputed global companies, providing an integrated environment for life, living and livelihood.

Powered by Capital Market - Live News

First Published: Tue, April 23 2013. 11:31 IST