Mahindra lifespace developers limited (mahindra lifespaces, mldl or the company) is one of the leading real estate development companies in india. Along with its subsidiary companies and joint ventures (jvs) mahindra lifespaces is engaged in developing residential projects as well as industrial developments — integrated cities and industrial clusters.
Over the years, the company has delivered an array of successful projects and established industry benchmarks in environmentally responsible homes and industrial developments. This chapter presents an overview of the companys performance in 2024-25 and its strategy for growth.
Macroeconomic overview
According to the second advance estimates released by the national statistics office (nso) on 28 february 2025, indias gross domestic product (gdp) grew at 6.5% in 2024-25. This makes india the fastest growing major economy in the world. Construction — which is a part of industry, accounting for its 30% share — registered an impressive growth of 9.1% in 2024-25. Chart a provides the details.
Chart a: growth rate (%) - gdp and key sectors
Opportunities
Indias strong performance over the last few years has augured well for the real estate sector in india. At a macro level, rising incomes and increasing urbanisation continue to drive the residential real estate market. Further, regulatory reforms like rera, gst and nclt/ibc have led to flight to quality with reputed developers garnering a higher share.
Similarly, the governments manufacturing push including initiatives such as production linked incentive (pli) scheme and indias emergence as an attractive alternative for global corporations looking to diversify operations outside china has contributed to better prospects for our industrial business.
As an established player in both these business segments, mahindra lifespaces sees considerable opportunities for growth of its business. This is reflected in its target to grow its sales to 10,000 crore by 2029-30.
Residential developments
Mahindra lifespaces strategy for the residential business has been consistent over the last few years with well- engineered portfolio of choices on markets, segments and type of transactions. In term of the markets, it will continue to expand further in mumbai, pune and bengaluru. The companys focus areas will continue to be on mid-premium and premium housing segments, while sunsetting its presence in the affordable segment. In doing so, focus will be on sustainable developments and delivering differentiated products with customer-centric innovations that enhance the living experience.
The company will continue to look for opportunities in outright land purchase, and asset-light models such as joint developments (jds) and society redevelopment. These are areas where the company has seen considerable success in recent times. Further details are available in the section on business performance - residential.
Integrated cities and industrial
Clusters (ic&ic)
Mahindra lifespaces is a pioneer in the integrated cities and industrial clusters (ic&ic) segment, operating under two formats: integrated cities under the brand mahindra world city and industrial clusters under the brand origins. These projects offer well-built plug-and-play infrastructure making them an ideal destination for domestic and international businesses looking to set-up facilities.
The companys strategy in this segment is to maximise the value from its existing locations, details of which are available in the section on business performance - integrated cities and industrial clusters.
Business performance residential
In 2024-25, mahindra lifespaces launched fresh inventory across its existing projects — vista ph 2 and happinest kalyan ph 2 in mmr, mahindra zen in bengaluru, green estates in chennai, ivylush ph1 and 2, citadel ph2b (tower i) and tathawade (tower a) in pune. These launches cumulatively accounted for around 2.26 million square feet (msft)of saleable area.
Chart b: residential - sales performance ( in crore)
Chart b provides data on mldls presales performance in the last five years. Mahindra lifespaces registered a sales of 2,804 crore in 2024-25, which represents a 20.4% growth over 2,328 crore recorded in the previous year. Notably, this is over 4x of sales in 202021 and the best ever performance of the company. This superior performance is also reflected in the strong collections, which stood at their all-time high of rs 1,831 crore in 2024-25 — a growth of 32.2% over 1,385 crore registered in 2023-24 (chart c).
Chart c: residential - collections (rs. Crore)
Construction activity saw considerable momentum, growing from 1.26 msft2 in 2023-24 to 1.74 msft in 2024-25 — a growth of 38.6%. Handover of units to homeowners also increased from 899 in 2023-24 to 1,033 in 2024-25, a growth of 15% (chart d).
Chart d: completion and handover
Another significant aspect of the companys performance in the business was the successful stepping-up of its land acquisition efforts. In 2024-25, it concluded deals which should cumulatively contribute about 18,100 crore in terms of gross development value3 (gdv) of the projects, compared to 4,400 crore in the previous year. Further details on these transactions are provided in the section on land and capital. Since the end of the year, the company has added two additional societies in its redevelopment project in lokhandwala, mmr, which had further increased the gdv potential by 1200 crore. Total gdv as on 31 march 2025 stood at 19,000 crore, reflecting a dose to 4x increase from 31 march 2023.
Integrated cities and industrial clusters (ic&ic)
The integrated cities and industrial clusters business also reflected strong performance in 2024-25. As shown in chart e, revenues of the operating entities in the business including operation & maintenance income increased from 470 crore in 2023-24 to 495 crore in 2024-25. Total land leased by the business stood at 85.1 acres.
Operations - projects update residential
Table 1 provides a snapshot of the companys project portfolio across different markets. As of 31 march 2025, mahindra lifespaces and its subsidiaries have completed projects covering 22.88 million square feet (msft)4 in the residential segment, including 1.74 msft completed during the year.
Table 1: projects snapshot as on 31 march 2025 (million square feet#)
| Location | Total footprint for ongoing projects | Pipeline projects (excl. Strategic projects) | Completed development | Total |
| Mmr* | 3.71 | 9.20 | 5.29 | 18.20 |
| Bengaluru | 1.28 | 2.77 | 0.87 | 4.92 |
| Pune | 5.86 | - | 3.67 | 9.53 |
| Chennaia | 1.42 | - | 6.13 | 7.55 |
| Jaipura | 0.44 | - | 3.90 | 4.34 |
| Ncr** | - | - | 0.40 | 0.40 |
| Hyderabad | - | - | 1.08 | 1.08 |
| Nagpur | - | - | 1.55 | 1.55 |
Total |
12.71 | 11.97 | 22.88 | 47.56 |
# estimated saleable area including share of partner in joint developments.
* mmr includes mumbai, boisar, palghar, thane, kalyan and alibaug ** ncr includes delhi, gurugram and faridabad
A
includes residential and commercial developments inside mwc chennai and jaipurMahindra lifespaces is currently developing projects totalling 12.71 million square feet, another 11.97 million square feet available in the form of future projects which are in pipeline (excl strategic projects), in various stages of planning or approvals.
Table 2 provides project-wise status of sales and construction in ongoing projects and information on forthcoming projects.
Table 2: project-wise status as on 31 march 2025 (area in million square feet)
| Project | Area sold (a) | Current inventory (b) | Future phases of ongoing projects (c) | Total development (a+b+c) |
Completed / ongoing projects |
||||
| Vista | 1.05 | 0.62 | - | 1.67 |
| Alcove | 0.30 | - | - | 0.30 |
| Meridian | - | 0.01 | - | 0.01 |
| Happinest palghar 2 | 0.21 | 0.15 | - | 0.36 |
| Happinest kalyan 1 | 0.13 | 0.02 | - | 0.15 |
| Happinest kalyan 2 | 0.51 | 0.57 | 0.12 | 1.20 |
| Nestalgia | 0.44 | 0.10 | - | 0.54 |
| Ivylush | 0.75 | 0.78 | - | 1.53 |
| Citadel | 0.92 | 0.28 | 1.40 | 2.60 |
| Happinest tathawade | 1.05 | 0.15 | - | 1.20 |
| Luminare# | 0.44 | - | - | 0.44 |
| Eden | 0.80 | - | - | 0.80 |
| Zen | 0.48 | - | - | 0.48 |
| Lakewoods | - | - | 0.43 | 0.43 |
| Green estates | - | - | 0.13 | 0.13 |
| Lakefront estates | - | - | 0.05 | 0.05 |
| Aqualily 2d | - | - | 0.07 | 0.07 |
| Happinest mwcc | 0.17 | 0.04 | - | 0.21 |
| Chennai plotted | - | - | 0.53 | 0.53 |
Total |
7.24 | 2.73 | 2.73 | 12.71 |
New / forthcoming projects5 |
||||
| Santacruz w, mumbai | 0.15 | |||
| Navy malad west, mumbai | 0.45 | |||
| Sai baba borivali west, mumbai | 0.92 | |||
| Bhandup, mumbai # | 6.45 | |||
| Lokhandwala, mumbai | 0.71 | |||
| Mahalaxmi, mumbai | 0.54 | |||
| Hopefarm, bengaluru | 1.36 | |||
| Whitefield, bengaluru | 0.22 | |||
| Newhaven, bengaluru | 0.24 | |||
| Navrat, bengaluru | 0.95 | |||
Total |
11.97 |
# joint development projects. All values other than sales are inclusive of joint developers share wherever applicable. Sales (%) is based on total launched area and mldls share in joint development.
‘ projects implemented by subsidiaries and jv companies.
$ area for forthcoming projects are estimates and are subject to change based on final design and approvals.
Integrated cities and industrial clusters (ic&ic)
Mahindra lifespaces integrated cities and industrial. Clusters business has a combined gross area of 5,737 acres and a leasable potential, of about 3,986 acres. In 2024-25, it leased 85.1 acres of land, taking the total land leased to 2,390 acres. As on 31 march 2025, the projects had over 262 companies from over 22 countries.
Table 3: ic&ic projects snapshot as on 31 march 2025 (acres)
| Project location | Total area | Leasable area | Leased area | Available for lease |
| (gross) | (net) | (net) | (net) | |
| Mwc jaipur | 2,946 | 1,917 | 1,117 | 800 |
| Mwc chennai* | 1,594 | 1,216 | 1,112 | 104 |
| Origins chennai 1 | 307 | 229 | 161 | 68 |
| Origins chennai 2 | 240 | 163 | 0 | 163 |
| Origins pune** | 312 | 218 | 0 | 218 |
| Origins | 338 | 243 | 0 | 243 |
| Ahmedabad | ||||
| Total | 5,737 | 3,986 | 2,390 | 1,596 |
* area available for lease includes 50 acres outside project boundary land (obl).
** origins pune has a planned area (gross) of 500 acres and is currently in land acquisition stage.
Development work and marketing is currently in progress in origins ahmedabad. The company is currently in the process aggregating land for origins pune, located in bhor, near pune in maharashtra. Details of the companys operational projects are provided below.
Mwc chennai is the companys first integrated city project with gross area of 1,594 acres and a leasable potential of 1,216 acres across its special economic zone (sez), domestic tariff area (dta) and residential & social zone (r&s)5. Mwc chennai has leased 100% of its existing land inventory in the sez and dta but continues to offer lease options in the residential & social zone. At the end of 2024-25, mwc chennai had 92 industrial and commercial customers. Six residential projects with a total saleable area of 1.42 mfst are currently under planning and construction, the details of which have already been provided in the section on residential developments.
Mwc chennai has emerged as a thriving, sustainable community that continues to set the standard for integrated urban living in india. It has a healthy occupancy in its completed residential projects and has all the essential infrastructure and amenities to ensure a seamless living experience — including a well-developed retail and commercial centre, healthcare facilities, educational institutions and hospitality services.
Community building and liveability are key priorities. It hosts several events to enhance the quality of life and promote the city as a desirable destination to live and work. As a part of the mahindra group, mwc chennai has been at the forefront of adopting sustainable and environmentally friendly practices. It is indias first integrated city to have achieved zero waste to landfill certification.
Mwc jaipur is the companys largest integrated city project with gross area of 2,946 acres and a leasable potential of 1,917 acres across its sez, dta and the residential & social zone. In 2024-25, it leased around 54 acres — taking the cumulative net leased area to 1,117 acres. Mwc jaipur ended the year with 154 customers — 65 in the sez, 88 in the dta and one in social zone.
Mwc jaipur is committed to sustainable development. It is asias first and worlds largest project to reach c40 climate positive development program (cpdp) stage 2. It regularly carries out several initiatives that contribute to sustainability and enhances well-being of the communities in which it operates. Some of these are covered in the section on corporate social responsibility.
Origins chennai is the companys first industrial cluster project. Located in north chennai, it is being developed through its step-down subsidiary mahindra industrial park chennai limited (mipcl), which is a jv with sumitomo corporation. The first phase of the project was launched in april 2019. Given the tremendous response, the company launched the second phase of the project during2024- 25, taking the total gross area to 547 acres and the leasable potential of392 acres. During the year, the jv with sumitomo corporation was also extended to second phase of the project. This entailed an investment of ?225 crore in mipcl by the jv partners in proportion of their existing shareholding.
As on 31 march 2025, the cumulative land leased under the project was 161 acres. Origins chennai is also tamil nadus first igbc platinum certified industrial park, reflecting the strong focus on principles of sustainability employed in its design and development.
5
area includes 70 acres outside project boundary land (obl) i.e., land held by the company outside the mwc chennai master plan.Operations customer acquisition
Mldls activities in this area encompass designing differentiated products, brand building efforts, and driving sales. The product design process considers needs and preferences of target customers as well as current trends. Other important aspects of the design process are sustainability and use of technology. Sustainability has been at the core of mldls approach towards developments. The company has pioneered the net zero concept in india and is committed to net zero developments by 2030. It has maintained a 100% green portfolio of residential projects since 2014 and three of its recent launches are net zero projects.
During the year, mahindra lifespaces unveiled a new brand idea — home of positive energy which embodies its commitment to creating homes that promote wellbeing and are in harmony with the environment. The launch included a digital video commercial and a mobile experience centre — offering a firsthand glimpse of how the company delivers on the idea at its homes. Some of the design elements that bring the idea to life in its projects are presented in box 1.
Box 1: home of positive energy — design elements
When a family buys a home, they are choosing a place that resonates with their heart, a space filed with positive energy created through both tangible and intangible elements. Mahindra lifespaces homes are thoughtfully designed to promote well-being and ensure residents experience balanced and rejuvenating energy.
• home design: ample natural light and crossventilation throughout the home; spacious living rooms for comfort and relaxation; vaastu- compliant; large decks connected to living rooms for outdoor enjoyment; walk-in wardrobes and inbuilt storage niches to make homes clutter free.
• project design: aimed at premiumization with amenities that foster an active lifestyle e.g., badminton courts, a half-olympic size swimming pool or a jogging track; grand project entrances and elegantly designed tower lobbies; ample open-area seating spaces surrounded by nature; community gardens and green spaces for leisure and relaxation; play areas for children; and, dedicated spaces for pets.
• sustainability: climate responsive design; building material selection that bring value e.g., high performance glass to keep homes cool; ample ground-level landscape to preserve biodiversity, and net zero projects.
As a part of its marketing and brand-building efforts, focus continued to be on digital content to generate pull for the brand and improve the quality of leads. The companys campaigns for new projects generated tremendous reach and visibility among prospective buyers, resulting in considerable increase in organic leads. Mldls success in this can be seen from the stellar launch performance of its projects during the year.
During the year, the company invested considerably on expansion and training of its channel partner network. The happiedge mobile app for channel partners was also upgraded to optimise digital channel partner empanelment and streamline the invoicing process. While majority of the sales are generated through channel partners, the company has also invested in digital assets for direct sales as well as building corporate partnerships and referral network. Contribution of these alternative channels to sales were also significant in 2024-25.
Customer relations
Customer centricity is at the core of mldls approach towards all activities and processes related to the entire home buying journey — right from booking to post-handover support. Some of the key initiatives and achievements during the year include:
• m-life customer app: the app serves as a singlestop platform for customers with a comprehensive feature list that includes regular construction updates, making online payments, raising service requests, access important documents like allotment letter, agreement and payment receipts. By the end of the year, 70% of the companys active customer base had downloaded the app, compared to 44% a year ago.
• tech-enabled initiatives: initiatives for better customer experience include a range of cutting- edge technologies like artificial intelligence (ai), data analytics and robotic process automation. The impact of these initiatives is reflected in the fact that 97% of service requests were closed within defined turnaround times in 2024-25, compared to 92% in the previous year.
• customer communication: the company has established processes for proactive and standardised customer communication — be it sharing the allotment letter, providing construction updates and pre-intimation on upcoming invoices, giving information on registration and stamp duty payment process. It operates a centralised customer care centre with a well-defined escalation matrix. During
The year, the call centre infrastructure was upgraded, allowing a dedicated line connecting customers with their relationship manager.
• resident engagement: in 2024-25, mahindra
Lifespaces implemented a property management app to streamline post-handover complaints and maintenance requests from residents. It regularly carries out resident engagement events across its sites to celebrate festivals and specific activities around health, safety and sustainability — to build a community culture.
Mldls customers have appreciated these efforts. The consistent improvement in the customer net promoter scores is a testimony to its success in building a customer centric organisation.
Project execution
Mahindra lifespaces has a firm commitment to high-quality and timely project execution as its strategic and operational priorities. These are guided by the principles of total quality management and a first time right approach. Adherence to robust processes and standard operating procedures (sops) in line with these principles have resulted in a culture of continuous improvement in the organisation. The company took several measures in 2024-25 to further improve project execution and related processes:
• comprehensive evaluation and upgradation of over 300+ sops pertaining to activity supervision and inspection plan, material inspection and testing, standardisation of technical specifications and biu of quantities (boqs).
• introduction of in-process inspection with advanced tools and methods to ensure better quality control by more accurate and faster testing processes. The goal is to nurture the zero-snag culture and ensure consistent and standardised delivery.
• developed a product finishes standardization catalogue based on the data of completed and ongoing projects to achieve greater uniformity in project design, specifications, finishes and detailing across its projects.
• 70 associates participated in the mahindra certified finishing engineers programme — an intensive 4-month on-the-job training programme to enhance the capabilities of engineers in a variety of finishing jobs. The programme has been extremely successful since its inception last year.
• developed in-house m-skill training videos that provide comprehensive guidance on 30 construction activities, facilitating better consistency in execution. Also designed visual work procedures, which are detailed documents with photographs that provide step-by-step guidance for activities, covering all their critical aspects.
Mahindra lifespaces has an inclusive safety culture which involves perceiving risks and rectifying them systematically. Its projects have reached a maturity level in use of personal protective equipment, housekeeping, adherence to systems and aims to eliminate unsafe acts by proactive reporting of incidents. In 2024-25, the company launched its safety portal and mobile app which will enable better monitoring, reporting and action on safety related risks and incidents. Initiatives like safety observation tour, quarterly safety campaign and good practices continued to take the culture of safety deeper into the organisation.
Land and capital
Mahindra lifespaces aspires to grow its presales to 10,000 crore by 2029-30. The company has a strong balance sheet and has access to debt for its growth at extremely competitive rates. As on 31 march 2025, debt at ind-as consolidated level stood at 1,432 crore and the average cost of debt during 2024-25 was 8.64%. Consolidated cash balances stood at 156 crores at the end of the year.
The company also has access to capital through partnerships spanning all its business segments. It has a track record of successful partnerships with: (i) actis and hdfc capital for residential developments and (ii) sumitomo corporation, japan, and international finance corporation (ifc) for ic&ic projects. It also has a joint venture (jv) with actis for developing built-to-suit (bts) facilities in the industrial and warehousing space in india. On 13 may 2025, the companys board approved raising upto 1,496 crore by way of a rights issue, which will further augment its capacity to manage debt and fund growth.
During the year, mahindra lifespaces was successful in building landbank in line with its aspirations and strategy for growth. In 2024-25, it concluded deals which should cumulatively contribute about 18,100 crore in terms of gross development value6 (gdv) of the projects, compared to 4,400 crore in the previous year.
Table 4: land acquisition in 2024-25 and gdv
| Location | Land area (acre) | Dev. Potential (msft) | Gdv (rs. Crore) |
| Sai baba borivali | 3.70 | 0.92 | 1,800 |
| West, mumbai a | |||
| Bhandup, mumbai # | 36.90 | 6.45 | 12,400 |
| Lokhandwala, | 2.22 | 0.71 | 1,000 |
| Mumbaia | |||
| Mahalaxmi, mumbaia | 1.71 | 0.54 | 1,650 |
| Newhaven, bengaluru | 2.40 | 0.24 | 250 |
| Navrat, bengaluru | 8.20 | 0.95 | 1,000 |
Total |
55.13 | 9.81 | 18,100 |
# joint development project.
A
society redevelopment project.It is worth noting that the land deal in bhandup, mumbai, will be one of the largest projects for the company in the segment. The project will primarily be a residential development with supporting commercial and retail components. Further, it is structured as a joint development project with landowners, which makes it much more capital efficient compared to outright purchase deals. Since the end of the year, the company added two additional societies in its lokhandwala project, which had further increased the gdv potential by 1200 crore.
Combined with its pre-existing landbank, including those where projects that are already in various stages of planning, mahindra lifespaces has a strong pipeline of about39,000 crore in terms of gdv at the end of2024-25. This also means that about 70 to 80 percent of the land required to achieve the companys target of 10,000 crore by2029-30 has been secured. Mahindra lifespaces has a healthy pipeline of land deals and will continue to evaluate further opportunities in the residential business. As noted earlier, it sees considerable opportunities for redevelopment projects, jda and outright land purchases across its key markets.
Information technology (it)
Mahindra lifespaces approach towards use of technology has been to improve efficiencies, provide a competitive advantage and enable scale. Accordingly, it has deployed appropriate it infrastructure and solutions across all its key business, administrative functions as well as project sites.
Mldls it applications includes sap erp for its core and peripheral business functions, which is fully integrated
With sfdc — the companys integrated sales, servicing and communications platform. It also includes primary and disaster recovery data centres, audio-visual communication tools and access to specialised industry specific software for project management.
The company continues to invest in strengthening its core systems to bring process standardisation, operational efficiencies and simplification across its businesses. One such instance is investment in cutting-edge technology like building information modelling (bim) and its adoption beyond design to improve collaboration and timely execution of new projects. Its efforts to institutionalise use of digital and technology-based solutions in key activities such as sales, project management and customer servicing has already been discussed in the respective sections of this report.
Human resources
Mahindra lifespaces recognises that success is directly linked to the quality of talent. Accordingly, it has taken a multi-pronged approach to build a high performance organisation and a culture that agile, bold, and fosters collaboration. This covers initiatives in the areas of talent acquisition and retention, learning and development and employee engagement.
In talent acquisition, the company follows rigorous recruitment practices to attract candidates who are qualified and at the same time aligned with its values and culture. Focus is also on promoting diversity and inclusivity, resulting in a more vibrant and dynamic workforce. In 2024-25, 35% of all hires were women, taking the percentage of women working as full-time associates to 27% at the end of the year, compared to 24?% a year ago. It also introduced m-integrate — a digital induction platform created in-house to provide a uniform and effective onboarding process for au new joinees. The platform offers self-paced learning modules for various functions as well as information on hr processes and benefits.
Learning and development (l&d) is central to achieving the companys objective of building a high performance organisation. It has extensive programs aimed at enhancing skills, encouraging innovation, and promoting personal and professional growth. Important initiatives and programmes undertaken during the year included: mahindra learning university signature programs such as malt, future shapers and wlp; mldl programs such as m-leap and m-lead; and real estate industry specific capability development programs. These are delivered through a blend of external workshops, in-house training and companys online learning platform called m-academy.
During the year, 550+ associates committed 20,000+ hours to l&d.
Employee engagement continues to be a key focus area and is driven by the mantra of "work hard, play harder". The company regularly undertakes initiatives to promote a positive work environment, avenues for communication as well as rewards and recognition (r&r) to strengthen the bond between employees and the organisation. In 2024-25, 650+ employees participated in ‘mspire — a programme to celebrate achievements and drive future goals of the company and400+ employees participated in ‘m-life premier league — a cricket tournament to promote fitness and fun at work. Over550 awards and recognitions were handed over to associates as a part of its various r&r initiatives during the year.
In 2024-25, the company implemented a new hrms to enhance associate experience and drive performance. As on 31 march 2025, mahindra lifespaces together with its subsidiaries had 699 associates on its rolls.
Corporate social responsibility (csr)
As a part of its csr activities, mahindra lifespace and its subsidiaries contribute to local communities by focusing on the following areas: girl child education, women empowerment and environment. Besides working with partners, the company also encourages volunteering by employees for csr activities. Volunteering work amounting to 1961 person-hours was recorded during the year. Some of the key initiatives carried out in 2024-25 are given below.
• girl child education: as a part of ‘nanhi kali,
Mahindra groups flagship programme for girl child education, it sponsored education of 144 girls in 2024-25. Though ‘enabling education for girls in schools of rajasthan implemented by mahindra world city, jaipur, it provided support to girls to overcome challenges that impede them from attending school regularly. Over 1,115 girls benefited from this programme in 2024-25. In chennai, it supported 2 government schools with infrastructure development, repairs and maintenance.
• women empowerment and skill development:
Mwc jaipurs ‘hunar programme provides skill development and vocational training to youth and women, as well as formation of self-help groups (shgs). About 250 rural women benefited from the programme in 2024-25, taking the total beneficiaries under the project to 2,557 rural youth and 2,336 women, since the inception of this programme. Besides, 20 shgs have also been formed till date. Financial assistance was also provided to 50 hunar beneficiaries during the year to promote entrepreneurial activities. In 2024-25, mwc chennai and origins chennai supported 62 and 90 rural women respectively with employability training programmes through its mahindra pride skill centres initiative.
• environment & sustainability: around 2,000 trees were planted under the mahindra groups tree plantation initiative called mahindra hariyali. In another initiative, over 10,500 saplings of native trees were planted by mahindra water utilities limited in tirupur. As a part of the ‘green army programme which involves sensitising school-going children on healthy and sustainable living, 10,200 children across 68 schools in mumbai and pune were reached during the year. Under its green guardians initiative, 119 led streetlights and 5 high mast lights were successfully installed in 12 locations thereby impacting the lives of 60,000 people.
• health and social security: this included donation of e-rickshaws, digital library and training centre, open gyms, and carrying out cleanliness drives for local communities. In another important initiative, it worked to ensure sustainable water security for rural communities through rainwater harvesting by improving awareness as well as development of 6 rooftop water harvesting structures and 11 farm ponds.
Financials
Table 5 gives the abridged profit and loss statement of mahindra lifespaces. Table 5: abridged profit and loss statement
| Standalone | Consolidated | |||
| 1 | 2024-25 | 2023-24 | 2024-25 | 2023-24 |
| Operating income | 349.3 | 18.7 | 372.3 | 212.1 |
| Other income | 283.3 | 104.7 | 91.6 | 67.0 |
Total income |
632.6 | 123.4 | 463.9 | 279.1 |
| Project and operating expenses | 315.8 | 25.2 | 316.4 | 191.5 |
| Employee and other expenses | 209.9 | 171.7 | 225.8 | 191.7 |
| Financial expenses | 27.8 | 7.0 | 19.4 | 7.4 |
| Depreciation | 17.6 | 12.5 | 17.8 | 13.7 |
Total expenditure |
571.1 | 216.5 | 579.4 | 404.3 |
| Pbdit | 106.9 | (73.5) | (78.3) | (104.1) |
| Pbdt | 79.1 | (80.5) | (97.7) | (111.5) |
| Pbit | 89.3 | (86.0) | (96.1) | (117.8) |
| Share in profit of jvs and associates | - | - | 186.0 | 179.5 |
Pbt |
61.5 | (93.0) | 70.5 | 54.3 |
| Exceptional item | 0.0 | 22.9 | 0.0 | 0.0 |
| Pbt after exceptional item | 61.5 | (70.1) | 70.5 | 54.3 |
| Tax | 10.1 | (31.3) | 9.1 | (44.0) |
Profit after taxes (pat) |
51.4 | (38.8) | 61.4 | 98.3 |
Diluted eps |
3.31 | (2.51) | 3.95 | 6.33 |
Standalone financial highlights
Total income of the standalone entity stood at 132.6 crore in 2024-25, compared to 123.4 crore in 2023-24— reflecting the increase in completion of projects during the year. The project and other operating costs followed a similar trajectory, increasing to 115.8 crore in 2024-25, from 15.2 crore in 2023-24. Employee and other costs grew at 22.2% from 171.7 crore in 2023-24 to 109.9 crore in 2024-25. After considering finance costs and depreciation, total expenses increased from 116.5 crore in 2023-24 to 171.1 crore in 2024-25.
The company reported improvement in profits during the year. Operating profit (pbdit) for the year stood at 106.9 crore, whereas profit after taxes (pat) stood at 11.4 crore.
Consolidated financial highlights
Consolidated total income increased to ?463.9 crore in 2024-25, from 179.1 crore in 2023-24. Operating loss at the consolidated level came down to 18.3 crore in 2024-25, compared to a loss of 104.1 crore in 2023-24. After accounting for the share of profits from jvs and associates, the company reported profits at the consolidated level. Profit before taxes (pbt) grew from 14.3 crore in 2023-24 to 10.5 crore in 2024-25. Consolidated pat stood at 11.4 crore in 2024-25.
Table 6 presents key financial, ratios for mldl as a standalone entity.
Table 6: key financial ratios (standalone)
1 |
2024-25 | 2023-24 |
| Debtors turnovera | 3.58 | 0.22 |
| Inventory turnovera | 0.10 | 0.01 |
| Interest coverage ratioa | 1.02 | (1.47) |
| Current ratio | 1.33 | 1.62 |
| Debt equity ratioa | 0.92 | 0.56 |
| Operating profit margin (%)a | (50.5%) | (953.7%) |
| Net profit margin (%)a | 14.7% | (207.7%) |
| Return on net wortha | 3.3% | (2.5%) |
A
ratios where change is significant (over 25% compared to previous year)As noted above, there was a significant increase in standalone operating revenues of mldl from 18.7 crore in 2023-24 to ?349.3 crore in 2024-25. This led to the rise in debtor and inventory turnover ratios. The increase revenues also resulted in profits, which improved the interest coverage ratio, the two profitability margin ratios as well as return on net worth.
The increase is debt equity ratio during the year was due to increase in both long-term and short-term borrowings. The companys ability to generate cash and service its debt obligation continues to be robust and the liquidity situation remained comfortable during the year. Surplus funds available from time to time have been invested in creditworthy investments, including deposits with banks.
Internal controls
The company has adequate internal control systems, commensurate with the size and nature of its business. Well documented policies, guidelines and procedures to monitor business and operational performance are supported by it systems, all of which are aimed at ensuring business integrity and promoting operational efficiency.
An independent internal audit and assurance firm appointed by the company conducts periodic audits to ensure adequacy of internal control systems, adherence to management policies and compliance with laws and regulations. The scope of work of this firm includes internal controls on accounting, efficiency and economy of operations. The internal auditors also report on the implementation of their recommendations.
Reports of the internal auditors are regularly reviewed at the audit committee meetings. The audit committee of the board also reviews the adequacy and effectiveness of the internal control systems and suggests improvements, as required.
Threats, risks and concerns
Mahindra lifespaces has appropriate risk management systems in place for identification and assessment of risks, measures to mitigate them, and mechanisms for their proper and timely monitoring and reporting.
The company has a risk management committee consisting of four members — one non-executive director, one independent director, the md & ceo and the chief financial officer — to review the risk management plan and oversee the complete process. The role of the committee inter alia, includes, formulation, overseeing and implementation of risk management policy, business continuity plan, and to ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks associated with the business of the company. The board also regularly reviews risks.
Economic risks
Real estate industry is cyclical in nature. Any downcycle in the industry can impact the companys performance. Inflation in commodity cost can also impact the companys profitability.
The companys presence in both residential and industrial segments has been a significant source of strength in dealing with a difficult market environment. Further, the companys target segments i.e., premium and mid premium are relatively less impacted in downcycles as compared to the luxury segment of the market. The company also folows strong financial discipline with strict adherence to its target financial parameters such as irr, prudent capital allocation and strategic funding to support growth. It has a strong balance sheet and the ability to raise capital at an attractive cost, which enhances its ability to stay competitive. To mitigate inflation related risks, it has taken a multi-pronged approach: (i) appropriate provision for commodity price escalations in project costs, (ii) value engineering and design efficiency (iii) long-term and forward contracts, and (iv) upward revision of prices to reflect market realities.
Operational risks
Key operational risks include: (i) inability to sell the project as per plan, (ii) inability to complete and deliver projects according to the schedule leading to additional cost of construction and maintenance, (iii) erosion of brand value,
(iv) difficulties in the appointment and retention of quality contractors and manpower, (v) inability to attract and retain talent, (vi) poor customer satisfaction, (vii) fraud and unethical practices, (viii) failure to comply with laws and regulations leading to fines, penalties, and lengthy litigations.
Mahindra lifespaces addresses these risks through a well- structured framework which identifies desired controls and assigns ownership to monitor and mitigate the risks. It has invested significant resources in transparent customer friendly processes and an enabling it infrastructure, which are expected to effectively mitigate some of these risks.
The companys corporate governance policies ensure transparency in operations, timely disclosures and adherence to regulatory compliances. It also has a code of conduct for all its associates. It believes that its employee- friendly policies and processes enhance engagement and welfare, effectively mitigating risks associated with attracting and retaining talent.
Policy and regulatory risks
The real estate industry is often affected by changes in government policies and regulations. There are considerable procedural delays with respect to approvals related to acquisition and use of land. Unfavourable changes in the government policies and the regulatory environment may adversely impact the performance of the company.
The company attempts to mitigate these risks through its approach towards acquisition of land based on thorough due diligence and its transparent processes in developing the projects. Besides, its focus on environment friendly and sustainable practices helps in mitigating risks associated with environmental regulations.
Outlook
Indias real estate sector continues to be on a high growth cycle, with strong demand and offtake in the residential segment in 2024-25. The industrial segment is also seeing robust demand coming from both domestic and international businesses.
Mahindra lifespaces reported strong operating numbers in 2024-25. The residential business grew at 20.4% to deliver a record presales of ?2,804 crore in 2024-25, whereas the industrial business generated f495 crore in revenues. At the same time, the company added an impressive gdv of ?18,100 crore in 2024-25, taking the overall sales potential of residential developments to ?39,000 crore at the end of the year. Ongoing and new projects in the industrial business add further strength to the companys growth prospects. Mahindra lifespaces is on course to realise its target of ?10,000 crore in sales by 2029-30.
Cautionary statement
Certain statements in the management discussion and analysis describing the companys objectives, projections, estimates, expectations or predictions may be forwardlooking statements within the meaning of applicable securities laws and regulations. Actual results could differ from those expressed or implied. Important factors that could make a difference to the companys operations include labour and material availability, and prices, cyclical demand and pricing in the companys principal markets, changes in government regulations, tax regimes, economic development within india and other incidental factors.
Disclaimer
The company shall be registering its forthcoming projects at an appropriate time in the applicable jurisdictions / states under the real estate (regulation and development) act, 2016 (rera) and rules thereunder. Till such time, the forthcoming projects are registered under rera, none of the images, material, projections, details, descriptions and other information that are mentioned in the annual report for the year 2024-25, should be deemed to be or constitute advertisements, solicitations, marketing, offer for sale, invitation to offer, or invitation to acquire within the purview of the rera.
The company uses carpet areas as per rera in its customer communication. However, the data in saleable area terms has been presented in the annual report for the 2024-25 to enable continuity of information to investors and shall not be construed to be of any relevance to home buyers / customers.
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