Mahindra Lifespaces Q2 Results: Firm posts loss at Rs 7.7 crore, clocks residential sales Rs 399 crore

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, has reported a net loss of Rs 7.7 crore for the September quarter as against a net profit of Rs 6.5 crore a year ago and 75.4 crore profit in the previous quarter.

The company’s consolidated total income for the quarter also declined to Rs 73.8 crore as against Rs 65.7 crore a year ago and Rs 117.3 crore in the previous quarter, the company said in a release.

“In what is seasonally a weak quarter for residential real estate, Mahindra Lifespaces garnered Rs 399 crore of pre-sales taking us to over Rs 1,000 crore of residential sales for the first half of the fiscal…Industrial leasing too, maintained strong momentum, clocking Rs 68 crore. With a record first half behind us, and some exciting new launches in the pipeline, we are shaping up for a strong finish to the year in line with our growth aspirations,” said Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers.

During the quarter, the company achieved sales of Rs 399 crore in the residential business while leasing 22.3 acres in the industrial parks business for Rs 68 crore. Collections in the residential business stood at Rs 286 crore.

For the first half of the financial year, the developer has reported a net profit of Rs 67.7 crore compared to a loss of Rs 7.4 crore in the first half of 2021-22. The consolidated total income stood at Rs. 191.2 crore as against Rs. 219.9 crore from April-September a year ago.