Mahindra Lifespace posts Rs 75.7 crore profit in Q1

Mahindra Lifespace Developers | Mahindra World City (Jaipur) (MWCJL), a subsidiary cum joint venture company, has executed two lease deeds, for leasing in aggregate 40.81 acres of land in Domestic Tariff Area – II.

Realty firm Mahindra Lifespace Developers Ltd on Wednesday reported a consolidated net profit of Rs 75.70 crore in the first quarter of this fiscal year.

The company had posted a net loss of Rs 14.04 crore in the year-ago period, according to a regulatory filing.

Total income fell to Rs 117.34 crore during April-June quarter of the 2022-23 fiscal from Rs 154.20 crore in the year-ago period.

Arun Nanda, Chairperson (Non-Executive Non-Independent) of the company will retire with effect from July 28. The company’ board approved the election of Ameet Hariani, Non-Executive Independent Director of the company as the new Chairperson, as per the filing.

The board also cleared appointment of Rucha Nanavati as an Additional Director in the category of Non-Executive Non-Independent Director of the company.

Arvind Subramanian, Managing Director and CEO of Mahindra Lifespace Developers Ltd, said, "we registered our best ever residential pre-sales at Rs 602 crore, bucking the industry trend where Q1 (first quarter) is generally slower than the preceding quarter”.

"Our industrial leasing, at Rs 118 crore, continued its momentum,” he added.

The company said it acquired a new land parcel in Pune that has a development potential of 2.1 million square feet with an estimated sales value of Rs 1,700 crore.

Mahindra Lifespace’s development footprint spans 32.14 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities.

The company also has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated industrial parks across four locations.