Mahindra Lifespace Developers (532313) Q4 00/01 earnings summary

Executive summary

• FY2000-01 revenue was Rs 26.03 crore; PBT fell ~8% to Rs 5.72 crore, while PAT was broadly unchanged at Rs 5.11 crore.

• Operations expanded across Mumbai, Pune and Delhi, with new residential project-management work and a planned business-centre JV.

Financial highlights

• Total revenue Rs 2,603.40 lakh vs Rs 2,257.76 lakh; total expenditure Rs 2,031.56 lakh vs Rs 1,643.90 lakh.

• PBT Rs 571.84 lakh vs Rs 613.86 lakh; tax provision Rs 61 lakh vs Rs 100 lakh; PAT Rs 510.84 lakh vs Rs 513.86 lakh.

• Operating income Rs 219.06 million vs Rs 167.50 million; business-centre revenues improved with higher efficiency and occupancy.

• Cash profits Rs 1,128.10 lakh vs Rs 1,245.48 lakh; reported cash EPS Rs 3.92 vs Rs 4.33.

• Current-investment diminution of Rs 175.52 lakh was charged; voluntary-separation compensation was Rs 22.99 lakh.

Outlook and guidance

• Targeting new projects in existing and new locations; combined financial and managerial resources with Mahindra Realty & Infrastructure Developers were expected to support future growth.

• Gurgaon residential development of ~1 million sq. ft. was expected to start in October 2001, subject to approvals; Pune Plaza Phase II (~78,000 sq. ft.) was expected to finish by December 2001.

• Regus business-centre JV operations were expected to begin after FIPB approval.