Mahindra Lifespace Developers Q3 results: Posts net loss of Rs 11.19 cr

Mahindra Lifespace Developers Q3 results: Posts net loss of Rs 11.19 cr

Realty firm Mahindra Lifespace Developers Ltd on Saturday reported a consolidated net loss of Rs 11.19 crore in the third quarter of this fiscal year on lower income.

The company had posted a net profit of Rs 1.81 crore in the year-ago period.

Total income declined to Rs 70.19 crore during the October-December quarter of the 2020-21 fiscal from Rs 85 crore in the corresponding period of the previous year, the company said in a regulatory filing.

“Residential housing demand has been strong across markets and we have recorded broad-based growth in our sales and collections. In fact, Q3 sales and collections have been higher than the entire H1 FY21,” said Arvind Subramanian, Managing Director and Chief Executive Officer, Mahindra Lifespace Developers.

In the residential segment, he said the current quarter promises to be exciting, with important project launches lined up and a few land acquisition deals expected to conclude.

“In our industrial parks business, we are seeing a meaningful uptick in enquiries and expect a build-up in leasing volumes over the coming quarters,” Subramanian said.

Established in 1994, Mahindra Lifespace Developers is the real estate and infrastructure development business of the USD 19.4 billion Mahindra Group.

The company’s development footprint spans 25.7 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities. It also has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.

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