Mahindra Lifespace Developers (532313) Q3 24/25 earnings summary

Executive summary

• Market remains buoyant with strong absorption and pricing in key cities, with mid-premium and luxury segments growing while affordable segment declines.

• Significant GDV additions of INR 15,000 crore in FY25, including major projects in Mumbai and Bengaluru.

• Strategic focus on scaling business 5X over five years, targeting Rs 8,000–10,000 crore in sales and Rs 45,000 crore cumulative GDV.

• Recognized for sustainability, construction excellence, and technology-led initiatives, including industry-first net zero projects.

• Unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2024, were reviewed and approved by the Board and auditors.

Financial highlights

• 9M FY25 residential sales value at Rs 1,749 crore, up from Rs 1,243 crore year-over-year; Q3 FY25 at Rs 334 crore.

• Consolidated income for nine months FY25 was INR 408.4 crore, up from INR 224.5 crore year-over-year.

• Standalone Q3 FY25 revenue from operations: ₹16,170 lakhs; net profit after tax: ₹4,773 lakhs; consolidated Q3 FY25 revenue: ₹16,728 lakhs; net loss after tax: ₹2,247 lakhs.

• Net operating cash flow (excluding land outflows) was INR 600 crore for nine months, up from INR 459 crore year-over-year.

• Net profit for Q3 FY25 at Rs 50 crore, compared to a loss of Rs 24 crore in Q3 FY24.

Outlook and guidance

• Focus shifting from GDV acquisition to execution and accelerating land-to-launch cycles.

• Plans to scale business to Rs 8,000–10,000 crore sales over five years, with Rs 45,000 crore cumulative GDV.

• Targeting project IRRs of 20%, with a minimum delivery of 18% to shareholders.

• Management notes that quarterly results are not representative of annual performance due to the nature of real estate operations.

• Targeting Rs 1,500–2,000 crore of PAT from IC & IC over the next 10 years.