Mahindra Lifespaces Q1 net Rs 75 crore, reports best-ever quarterly sales at Rs 602 crore

Mahindra Lifespace Developers Ltd (MLDL), the real estate and infrastructure development business of the Mahindra Group, has reported consolidated net profit of Rs 75 crore for the quarter ended June against net loss of Rs 14 crore a year ago. The company reported its best-ever quarterly sales of Rs 602 crore.

Total income for the quarter stood at Rs 117 crore as against Rs 154 crore a year ago.

The company had reported net profit of Rs 137 crore in the previous quarter on the back of total income worth Rs 155 crore.

“We registered our best ever residential pre-sales at Rs 602 crore, bucking the industry trend where Q1 is generally slower than the preceding quarter. This was achieved on the back of strong response to our new launches in Bangalore and Gurgaon as well as robust sustenance sales across our portfolio. Our industrial leasing, at Rs 118 crore, continued its momentum,” said Arvind Subramanian, MD & CEO, Mahindra Lifespace Developers.

Subramanian expects the momentum to continue and remain confident of achieving strong business performance over the coming quarters.

During the quarter, the company acquired a new land parcel spread over 11.5 acres in Pune with a development potential of 2.1 million sq ft and an estimated gross development value of around Rs 1,700 crore.

It sold 650,000 sq ft space in residential business, which saw pre-sales grow 84% during the quarter sequentially and 315% from a year ago. The company

The company also launched 1.05 million sq ft of saleable area across various projects in Bangalore, Pune and Gurgaon. It attained collections of Rs 271 crore in residential business, while leasing 42.3 acres in the industrial parks business for Rs 118 crore, up from Rs 71 crore in the previous quarter.