Mahindra Lifespace Reports Impressive Q1 Gains

Mahindra Lifespace Developers Ltd announced a net profit of Rs 12.74 crore for the June quarter, recovering from a net loss of Rs 4.27 crore in the previous year. The company's total income rose to Rs 206.70 crore, and it achieved significant pre-sales and land leasing milestones.

Mahindra Lifespace Developers Ltd announced on Wednesday a consolidated net profit of Rs 12.74 crore for the June quarter, successfully reversing a net loss of Rs 4.27 crore from the same period last year.

The company's total income surged to Rs 206.70 crore during April-June this fiscal year, up from Rs 110.05 crore in the corresponding period of the previous financial year, as stated in a regulatory filing.

Operational achievements were notable, with pre-sales in the residential sector hitting Rs 1,019 crore, and land leasing in integrated cities and industrial clusters reaching 18.8 acres valued at Rs 76.1 crore.

Mahindra Lifespace Developers Ltd Managing Director & CEO Amit Kumar Sinha commented, ''We continue to see strong momentum in our residential business. We have added healthy GDV (gross development value) in line with our 5X aspiration.'' Mahindra Lifespace, the real estate arm of Mahindra Group, has a significant footprint of 37.95 million sq ft of completed, ongoing, and forthcoming residential projects across seven Indian cities, along with over 5,000 acres of ongoing and forthcoming projects at its integrated developments and industrial clusters in four locations.

(With inputs from agencies.)