Mahindra Lifespace Q3 net profit down 76% at Rs 7.74 cr

Realty firm Mahindra Lifespace Developers Ltd today reported a 76 percent decline in its consolidated net profit at Rs 7.74 crore for the quarter ended December. Its net profit stood at Rs 32.80 crore in the year-ago period, the company, which is part of Mahindra group, said in a BSE filing. The total income also fell to Rs 231 crore in the third quarter of this fiscal from Rs 250 crore in the corresponding period of the previous year.

Commenting on the performance, the company's Managing Director & CEO Anita Arjundas said: "Our execution focus translated into strong completion numbers during the quarter, with 0.14 million sq meter (1.5 million sq ft) getting completed across 5 projects." "Pre-launch interest levels for our new project, Vivante I at Andheri East in Mumbai, have been robust with a significant number of units already blocked by customers. As markets begin to show early signs of recovery, we remain hopeful of a revival in consumer sentiment and will continue to focus on customer-centered value creation," she said. Mahindra Lifespace Developers Ltd, the real estate and infrastructure development business of the USD 16.9 billion Mahindra Group, has presence across nine Indian cities - Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bengaluru.

The company's residential & commercial development footprint includes over 1.08 million sq meter (11.71 million sq ft) of completed projects and over 0.87 million sq meter (9.36 million sq ft) of ongoing and forthcoming projects.