Shares of Mahindra Lifespaces Developers Limited gained on Thursday, November 5, after the company said it has signed its first 100-acre plotted development project in the Mumbai Metropolitan region (MMR).
This marks the company’s first plotted development outside of Mahindra World City in Chennai, its regulatory filing stated on Thursday.
Mahindra Lifespaces is the real estate and infrastructure development arm of the Mahindra Group.
The company said the launch builds upon its existing plotted developments namely: Lakefront Estates by Mahindra and Green Estates by Mahindra, both located at its Chennai development.
“In line with our strategy, we look to expand into plotted development in future in MMR, Pune and Bengaluru,” Vimalendra Singh, Chief Business Officer- Residential of the company, said.
Last month, the company had last month, reported a 66% decline in net profit to ₹16.3 crore from ₹48 crore in the September quarter last year, while the EBITDA loss widened to ₹55 crore from ₹52.5 crore a year earlier.
The revenue however, rose 84% to ₹32.4 crore from ₹17.6 crore from the year-ago period.
In July, this year, Mahindra Lifespace Developer had told CNBC-TV18 that it expected residential pre-sales of ₹4,500-5,000 crore in FY27, with Managing Director and CEO Amit Kumar Sinha saying the company was targeting the midpoint of around ₹4,750 crore.
This was also the first time the company had provided annual pre-sales guidance. Sinha had said that the company’s FY30 pre-sales target of ₹10,000 crore remained on track.
Market Reaction
The company’s shares rose around 1.5% higher in intraday trade, but have since pared some of its gains to trade 0.43% up as of 10:45 am on Wednesday.
The company’s shares have fallen 19.87% in the year-to-date period and 21.4% in the trailing 12 month period as per the time of writing.
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