ICICI Direct has given Buy recommendation for Mahindra Lifespace Developers recommended buy rating on the stock with a target price of Rs 675 in its research with a target price of Rs. 675 in its research report issued on Jun 01, 2021

ICICI Direct’s research report on Mahindra Lifespace Developers

Mahindra Lifespace Developers (MLD), despite a weak H1FY21 wherein sales value witnessed de-growth of 32% YoY, staged a strong comeback with FY21 sales value reaching Rs 695 crore, up 4% YoY. The management also walked the talk by acquiring three land parcels at Kalyan, Kanakpura in Bengaluru and Pune with total sales potential of ~Rs 1500 crore. With launch pipelines, new team in place and further plans of land acquisition, we expect MLD to expand the residential segment, going ahead.

Outlook

Hence, we upgrade MLDL to BUY (vs. HOLD earlier) recommendation with a target price of Rs 675/share (earlier Rs 300/share).