Mahindra Lifespace Developers (532313) Q4 02/03 earnings summary

Executive summary

• FY ended 31 Mar 2003 revenue was ₹89.61 crore, down from ₹191.14 crore; prior-year turnover included one-time project-management compensation. PBT rose 9% to ₹5.49 crore.

• Residential development drove activity, with 10 lakh sq. ft. sold; Central Park, Gurgaon and new phases in Mumbai and Pune recorded strong sales.

Financial highlights

• Standalone operating income was ₹59.28 crore and other income ₹30.33 crore; total income was ₹89.61 crore versus ₹191.14 crore in FY02.

• Standalone PBT before extraordinary items was ₹3.80 crore versus ₹5.04 crore; net extraordinary income of ₹1.69 crore lifted PBT to ₹5.49 crore.

• Standalone PAT was ₹2.31 crore versus ₹2.57 crore; basic and diluted EPS after extraordinary items was ₹0.47 versus loss per share of ₹2.09.

Outlook and guidance

• FY04 plan assumes aggressive growth, new phases of existing projects and new developments, including a planned Chennai project; residential remains the strategic focus.

• Lower housing-loan rates, expanding smaller metros and continued residential-market stabilization were identified as growth opportunities.

• Management planned a shopping mall in a new FY04 project and to use the Central Park and Kanjur Marg successes to support expansion.