Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 31st Dec 2021 today. In accordance with IND AS 115, Company recognizes its revenues on completion of contract method.
The consolidated total income stood at Rs. 33.32 crore as against Rs. 65.70 crore in Q2 FY22 and Rs. 70.19 crore in Q3 FY21. The consolidated PAT, after non-controlling interest, stood at Rs. 25.02 crore as against Rs. 6.52 crore in Q2 FY22 and a loss of Rs. 11.19 crore in Q3 FY21.
Commenting on the performance, Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said, “While we have been showing steady strength in residential pre-sales for the past several quarters, this recent quarter has seen over Rs 140 crore of industrial leasing. This augurs well for the business and signals the return of capital investment in India’s manufacturing sector.
We are gearing up for several new residential project launches across markets over next few months. We added one new residential land parcel to our development pipeline during the quarter, and as we move forward in 2022 we will continue to focus on new land acquisitions and on strengthening our execution capabilities to build a strong platform for growth.”
The company achieved sales of Rs. 251 crore (0.32 msft) in residential business. Finalized terms for a land parcel in Dahisar under joint development, having a development potential of 0.86 msft. Launched new phases at Alcove, Mumbai and Happinest Avadi, totaling area of 0.10 msft and Mahindra Meridian, a villa project in Alibaug. Completed 0.19 msft at Bloomdale, Nagpur and Happinest Palghar. Collected Rs. 469 crore in residential business and Leased 51.10 acres (Rs. 139 crore) in industrial parks business. Consolidated cost of debt stood at 7.2%; standalone cost of debt stood at 6.4%
