According to Anita Arjundas, MD & CEO of Mahindra Lifespace the sale of Byculla land was a major positive, which contributed significantly to the first quarter earnings.
We have four more projects for which we had acquired the land in the last 18 months, which we hope to launch during the year subject to approvals coming in.
Anita Arjundas
MD & CEO
Mahindra Lifespaces
Mahindra Lifespace Developers announced good set earnings from the realty space. Anita Arjundas, MD & CEO spoke about the company's first quarter performance, investment pipeline and sale of Byculla land in an interview to CNBC-TV18's Manasvi Ghelani.
According to her the sale of Byculla land was a major positive, which contributed significantly to the first quarter earnings. The total transaction value of Byculla land was Rs 650 crore, wherein the company got 50 percent of the amount. However, the net income from the sale was Rs 230 crore, said Aujundas.
The company would be launching four more projects this financial year, she said. The projects are too take place in Alibaug, Andheri, Bangalore and Gurgaon.
The company reported an over eight-fold jump in consolidated net profit at Rs 179.31 crore during the quarter ended June on higher sales. Its net profit stood at Rs 21.77 crore in the year-ago period.
Below is the transcript of Anita Arjundas\' interview with Manasvi Ghelani on CNBC-TV18.
Q: Could you give us more update on the Byculla land sale?
A: One large event has been the sale of land in Byculla where we have development rights and this was a matter which was under dispute for a while and it was sorted out after a long period. The owner and we decided to go ahead and sell the property which concluded in the month of May – that contributed significantly to both the topline and the bottomline in Q1.
The second has been the performance in both the World Cities, where together we have sold about 22 acres of land and since both the World Cities are on the upper end of their curve in terms of pricing vis-à-vis cost of land, the profits coming in from World Cities has been good during the quarter. So, these two have been major contributors to the profit.
Q: With the sale of the Byculla and the major World Cities that you have been talking about, roughly how much could you monetise because these two particular projects?
A: I wouldn't get into specific numbers. If you look at the Byculla property, the transaction was done at Rs 650 crore, our share was 50 percent which is about Rs 325 crore approximately. There was cost of inventory in the books, there were advances which were there in the books which had to be accounted for and net-net after that we would have received about Rs 230 crore odd in terms of what came into income and correspondingly post adjustments a significant contribution to profits.
Q: Apart from this what is the investment pipeline for this financial year?
A: We have four more projects for which we had acquired the land in the last 18 months which we hope to launch during the year subject to approvals coming in. We have a second home project in Alibaug, a premium residential project in Andheri, also have a project on Bannerghatta Road in Bangalore and one in Sector 59 in Gurgaon. These are the four projects plus Avadi and Boisar is what we would like to see getting launched in this financial year.
Mahindra Life stock price
On August 01, 2014, at 14:09 hrs Mahindra Lifespace Developers was quoting at Rs 580.50, down Rs 23.45, or 3.88 percent. The 52-week high of the share was Rs 659.00 and the 52-week low was Rs 327.20.
The company's trailing 12-month (TTM) EPS was at Rs 18.97 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 30.6. The latest book value of the company is Rs 277.53 per share. At current value, the price-to-book value of the company is 2.09.
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