Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group. announced its financial results for the quarter ended 30'" June 2023 on Wednesday through an exchange filing.
In accordance with IND AS 115, Company recognizes its revenues on completion of contract method.
FINANCIAL HIGHLIGHTS FOR Q1 FY24:
• The consolidated total income stood at Rs. 110.1 crore as against Rs. 270.3 crore in Q4 FY23 and Rs. 117.3 crore in Q1 FY23
• The consolidated PAT, after non-controlling interest, stood at a loss of Rs. 4.3 crore as against profit of Rs. 0.5 crore in Q4 FY23 and a profit of Rs. 75.4 crore in Q1 FY23
Commenting on the performance, Mr. Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, "Our residential business has delivered a pre-sales of Rs 345 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 5 years. We have strong commitment from Mahindra Group to support this aspiration. We have built a strong Business Development and launch pipeline, which gives us multiyear benefits. We have also made good progress on our Thane land parcel basis the new IITT policy which gives us higher FS1 and favourable reside.ntial sales mix. Our industrial leasing pipeline for balance of the year is looking strong primarily driven by multiple initiatives by Central and State governments and we expect to deliver robust performance in the coming quarters."
OPERATIONAL HIGHLIGHTS FOR Q1 FY24:
• Achieved quarterly sales of Rs. 345 crore (saleable area - 0.42 msft, RERA carpet area - 0.28 msft) in residential business
• Launched 0.37 msft of saleable area (RERA carpet area — 0.37 msft); Lakefront estates a plotted development at Chennai
• Collections at Rs. 276 crore in residential business
• Achieved land leasing of 3 acres in the industrial parks business for Rs. 14 crore.