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Friday, September 11, 2009

Mahindra Lifespace Developers Ltd:Future growth outlook and prospects

Scripscan:Mahindra Lifespace Developers Ltd

Story:Mahindra Lifespaces Ltd. (MLS) posted results higher than our expectation in terms of both top-line and bottom-line for Q1FY10. The company is focusing on construction of luxury apartments in the residential segment and commercial properties in Mumbai. MLS has ongoing project in Goregoan, Bhandup, Pune and Faridabad. The company reports only standalone figures in quarterly result whichdoes not reflect true picture of the company as SEZ revenues are only declared inyearly results.In this quarter the operating company in Chennai SEZ stands at 24 and Jaipur SEZ at 16. The total employed personnel in Chennai SEZ is 12,500 and Jaipur SEZ is 1,000. The total leased area in Jaipur SEZ is 1,15,00 sq. ft out of which 61,000 sq ft was leased during the quarter to a IT company. MLS has started launching more residential projects the SEZ where it can enjoy better margins and have launched new residential projects in Chennai SEZ.Mahindra lifespaces is the only company in India which is having two operational SEZ’s. We expect revenues coming from SEZ’s would be at a better margin as operations in SEZ starts on a higher base. Secondly MLS has a low debt of Rs 332.1 crore (D/E of 0.3x) in books due to which it is free from any pressure for reduce the selling price for its residential projects. We expect the EPS to improve by ~77% in FY10 to Rs. 28.5.The company is trading to a very cheap valuation compared to its peers.A good buy altogether.

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