Mahindra Lifespace Developers posted a loss in the first quarter of FY24 from a year earlier as revenue fell.
The consolidated net loss after non-controlling interest was Rs 4.3 crore in the three months ended June as against a profit of Rs 75.4 crore in Q1 of FY23, the company said in a regulatory filing. Revenue declined to Rs 110.1 crore from Rs 117.3 crore in the same quarter last year.
The company generated residential sales of Rs 345 crore, while collections stood at Rs 276 crore.
“We are optimistic about the launches lined up in upcoming quarters. We are gearing up for a 5X growth in our business over the next five years," Amit Sinha, managing director, said in a statement on July 26.
Sinha said the company clocked good progress on its Thane land, with the new Integrated IT Townships policy giving the developer a higher FSI (floor space index) and a favourable residential sales mix.
The industrial leasing pipeline for the rest of the year looks strong, primarily driven by initiatives by the Central and state governments and Mahindra Lifespace expects to deliver robust performance in the coming quarters, Sinha said.
The company said it leased 3 acres of industrial parks for Rs 14 crore. It launched 370,000 square feet of saleable area and Lakefront Estates, a plotted development in Chennai.
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