Buy Mahindra Lifespace Developers; target of Rs 325: ICICI Direct

ICICI Direct is bullish on Mahindra Lifespace Developers recommended buy rating on the stock with a target price of Rs 325 in its research report dated September 14, 2021.

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ICICI Direct’s research report on Mahindra Lifespace Developers

Mahindra Lifespace Developers (MLD) is the real estate and infrastructure development business of the Mahindra Group. It has 27.4 million square feet (msf) of completed, ongoing and forthcoming residential projects across seven cities and over 5,000 acres of ongoing, forthcoming projects under development at its integrated development/industrial clusters across four locations. The company has outlined five years plans wherein it aims to achieve sales value of Rs 2500 crore by FY25. For the same, it is targeting four land transactions every year totalling ~Rs 2,000 crore worth of sales potential

Outlook

MLD’s share price has grown at ~16% CAGR over the past five years (from ~Rs 134 in September 2016 to ~Rs 281 levels in September 2021). We like MLD given its strong parentage, the management’s focus on expanding its overall scale of operation and a comfortable balance sheet. The new land purchases are expected to enable it to scale up its residential business. The change in management and execution has started to show initial signs of transformation. We maintain our BUY rating on the company.

For all recommendations report, click here

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