Mahindra Lifespace posts Rs 13.48 crore net loss in September quarter
The company achieved sales of Rs 115 crore in the residential business and had collections of Rs 134 crore in the segment.
Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, on October 30 reported a consolidated net loss of Rs 13.48 crore for the second quarter ended September 30, on lower income. The company achieved sales of Rs 115 crore in the residential business and had collections of Rs 134 crore in the segment.
It had posted a net profit of Rs 15.04 crore in the year-ago period.
The total income fell to Rs 37.42 crore in the September quarter from Rs 329.84 crore in the corresponding period of the previous year.
"We have done the industry's first zero-touch digital launch of our next project in Palghar in the MMR area. We have been overwhelmed by the customer response. Across our portfolio, sales momentum has picked up in Q2 as unlocks have been announced," Mahindra Lifespace Developers MD and CEO Arvind Subramanian said.
“Even in integrated cities and industrial clusters business, we have seen a few land leases and improvement in lead pipeline. As the momentum continues to improve further, we are getting ready for further new project launches in H2 and hope to see continued momentum in sales,” he said.
The company has launched an affordable housing project at Palghar comprising 485 units. It has achieved sales of Rs. 115 crore (0.16 msft) and attained a collection of Rs 134 crore in the residential business. It has leased 8.1 acres for Rs. 21.3 crore in the Integrated Cities and Industrial Clusters business, the company said in a statement.