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ICICI Direct Report
Mahindra Lifespace Developers Ltd. reported a weak H1 FY21 performance.
H1 FY21 sales volume saw de-growth of ~41% YoY to 0.24 million square feet (~16% decline in Q2 at 0.16 msf) with sales of Rs 154 crore, down ~32% YoY (~8% YoY growth in Q2 at Rs 115 crore), with Covid-19 led impact on execution, labour availability.
H1 FY21 residential revenues de-grew 87.4% YoY to Rs 69.1 crore with Ebitda loss of Rs 42 crore.
Integrated Cites & Industrial Clusters segment revenues declined 24.9% YoY to Rs 61.6 crore with Ebitda of Rs 34 crore, down 12.8% YoY.
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