Mahindra Lifespace: Mahindra Lifespace Q2 Results: Firm posts loss of Rs 7.7 crore, residential sales of Rs 399 crore | Tech US News


Mahindra Group’s real estate and infrastructure development business Ltd (MLDL) has reported a net loss of Rs 7.7 crore for the September quarter as against a net profit of Rs 6.5 crore a year ago and Rs 75.4 crore in the previous quarter. There was a profit. .

The company’s consolidated revenue for the quarter also declined to Rs 73.8 crore compared to Rs 65.7 crore a year ago and Rs 117.3 crore in the previous quarter, the company said in a release.

“In a seasonally weak quarter for residential real estate, Mahindra Lifespaces achieved Rs 399 crore of pre-sales, taking us to over Rs 1,000 crore of residential sales for the first half of the financial year… Industrial Leasing also maintained a strong momentum, at Rs 68 crore. With a record first half behind us, and some exciting new launches in the pipeline, we are shaping up for a strong finish to the year in line with our growth aspirations. ” said Arvind Subramaniam, Managing Director and CEO, Mahindra Lifespace Developers.

During the quarter, the company achieved sales of Rs 399 crore in the residential business while leasing 22.3 acres of land for Rs 68 crore in the industrial parks business. Collection in residential business stood at Rs 286 crore.

For the first half of the financial year, the developer has reported a net profit of Rs 67.7 crore compared to a loss of Rs 7.4 crore in the first half of 2021-22. The gross gross income stood at Rs. 219.9 crore in the April-September period a year ago, compared to Rs 191.2 crore.


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