Mumbai-based listed real estate developer, Mahindra Lifespaces on July 24 reported a consolidated net profit of ₹12.74 crore for the June quarter. The company had in the same period last year posted a net loss of ₹4.27 crore.
Mumbai based listed real estate developer Mahindra Lifespaces on July 24 reported profit after tax (PAT) of ₹12.74 crore. (HT representational Photo)
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The consolidated PAT, after non-controlling interest, stood at Rs. 12.7 crore as against loss of ₹4.3 crore in Q1 FY24 and a profit of Rs. 71.5 crore in Q4 FY24, the company said in a statement.
The company’s consolidated total income stood at Rs. 206.7 crore during the April-June period of this fiscal year compared to ₹110 crore in the corresponding period of the previous financial year, according to a regulatory filing.
Mahindra Lifespace achieved pre-sales (sales bookings) of ₹1,019 crore in residential business and land leasing of 18.8 acres in the integrated cities and industrial clusters business for ₹76.1 crore, according to the company.
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“We continue to see strong momentum in our residential business. We have added healthy GDV in line with our 5X aspiration. Our Integrated Cities and Industrial Clusters (IC & IC) business has also delivered a strong performance in Q1 driven by demand in the manufacturing sector. Overall, it has been an exceptional start to the year on all fronts," said Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespaces.
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“We continue to see strong momentum in our residential business. We have added healthy GDV in line with our 5X aspiration. Our Integrated Cities and Industrial Clusters (IC & IC) business has also delivered a strong performance in Q1 driven by demand in the manufacturing sector. Overall, it has been an exceptional start to the year on all fronts," said Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespaces.
According to the company, its Q1FY25 sales were driven by launches in March 2024 and the launch of a new tower in Tathawade near Pune. The collections for the residential business in Q1FY25 stood at ₹540 crore and the company also reported ₹76 crore from industrial land leasing of 18.8 acres.
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The company in Q1FY25 also announced redevelopment of five societies in Sai Baba Nagar area of Borivali, Mumbai having revenue potential of ₹1,400 crore.
The company on July 4 had announced that it had acquired a land parcel spread across an area of 2.37 acres in Bengaluru and bagged a redevelopment project in Mumbai comprising seven residential societies with a combined revenue potential of ₹2,050 crore.
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Home/Real Estate/Mahindra Lifespace Developers reports profit of ₹12 crore, company's income goes up to ₹206 crore in Q1FY25
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