E-Paper
Mahindra Lifespace Developers reports profit of ₹12 crore, company's income goes up to ₹206 crore in Q1FY25
Mahindra Lifespace Developers achieves sales bookings of ₹1,019 crore in residential business, according to the company
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.
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.
“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.
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.
