Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter that ended 30th September 2022. The consolidated total income stood at Rs. 73.8 crore as against Rs. 117.3 crore in Q1 FY23 and Rs. 65.7 crore in Q2 FY22. The consolidated PAT, after non-controlling interest, stood at a loss of Rs. 7.7 crore as against a profit of Rs. 75.4 crores in Q1 FY23 and a profit of Rs. 6.5 crore in Q2 FY22.
For H1 FY23 The consolidated total income stood at Rs. 191.2 crores as against Rs. 219.9 crores in H1 FY22. The consolidated PAT, after non-controlling interest, stood at a profit of Rs. 67.7 crores as against a loss of Rs. 7.4 crore in H1 FY22.
Commenting on the performance, Arvind Subramanian, Managing Director & CEO, Mahindra Lifespace Developers Ltd, said, “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 1000 crore of residential sales for the first half of the fiscal. The launch of Mahindra Nestalgia in Pimpri, Pune was well-received, reaffirming our product and brand strengths and the depth of our sales franchise. 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 aspiration.”
Mahindra Lifespaces acquired 11.5-acre of land at Pimpri, Pune with an estimated sales potential of approximately Rs 1700 crore. It achieved half-yearly sales of Rs 1001 crore (saleable area – 1.13 msft; RERA carpet area - 0.70 msft) in residential business.
Mahindra Lifespaces launched 1.66 msft of saleable area (RERA carpet area – 1.22 msft across various projects, viz. Mahindra Eden at Bengaluru, Mahindra Happinest Tathawade at Pune, Luminare at Gurugram, Mahindra Nestalgia at Pune, Aqualily, and Lakewoods at Chennai. Collections at Rs. 557 crores in the residential business. It achieved land leasing of 64.5 acres in the industrial parks business for Rs.186 crores.
The company achieved quarterly sales of Rs 399 crore (saleable area - 0.47 msft; RERA carpet area - 0.31 msft) in residential business. It launched 0.61 msft of saleable area (RERA carpet area – 0.44 msft) across projects, viz. Mahindra Nestalgia at Pune, Aqualily, and Lakewoods at Chennai. The company achieved collections of Rs. 286 crores in the residential business. It achieved land leasing of 22.3 acres in the industrial parks business for Rs. 68 crores.
