Realty firm Mahindra Lifespace Developers on Wednesday reported a consolidated net loss of Rs 20.5 crore for the quarter ended June on lower revenue amid the coronavirus pandemic. Its net profit stood at Rs 13.11 crore in the year ago period.
Total income also fell drastically to Rs 22.09 crore in the first quarter of 2020-21 fiscal year from Rs 120.30 crore in the corresponding period of the previous year, according to a regulatory filing.
Commenting on the performance, Mahindra Lifespace MD & CEO Arvind Subramanian said, “This quarter has been a challenging one for the economy as well as for our business, with sales and construction both coming to a standstill before showing some signs of gradual recovery towards the end of June."
"In this uncertain environment, we are committed to standing by our associates, our customers and our partners, conserving financial resources, and building new digital and design capabilities to emerge stronger when the market recovers," he said in a statement.
The company achieved sales of Rs 39 crore (0.08 million sq ft) in residential business and attained collections of Rs 72 crore.
It delivered 28 units to customers across various projects.Mahindra Lifespaces leased 2.5 acres for Rs 8 crore in Integrated Cities and Industrial Clusters business.