Mahindra Lifespaces Reports Residential Pre-sales Of ₹455 Cr

Mahindra Lifespaces Reports Residential Pre-sales Of ₹455 Cr

The consolidated total income stood at Rs. 25.7 crore as against Rs. 73.8 crore in Q2 FY23 and Rs. 110.1 crore in Q1 FY24.

FPJ Web DeskUpdated: Friday, October 27, 2023, 04:17 PM IST
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Mahindra Lifespaces Reports Residential Pre-sales Of ₹455 Cr | Image: Mahindra Lifespaces (Representative)

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, on Friday announced its financial results for the quarter ended 30th September 2023, the company announced through an exchange filing. In accordance with INDAS 115, Company recognizes its revenues on completion of contract method.

Key highlights Q2 FY24

Achieved pre-sales of Rs. 455 crore (saleable area - 0.68 msft, RERA carpet area - 0.55 msft) in residential business. Launched 0.47 msft of saleable area (RERA carpet area - 0.32 msft) at Tathawade phase 3 at Pune. Collections at Rs. 311 crore in residential business.

Achieved land leasing of 9.9 acres in the industrial business for Rs. 32.2 crore. The consolidated total income stood at Rs. 25.7 crore as against Rs. 73.8 crore in Q2 FY23 and Rs. 110.1 crore in Q1 FY24. The consolidated PAT, after non-controlling interest, stood at a loss of Rs. 19.0 crore as against loss of Rs. 7.7 crore in Q2 FY23 and a loss of Rs. 4.3 crore in Q1 FY24.

H1 FY24

Achieved pre-sales of Rs. 800 crore (saleable area - 1.09 msft, RERA carpet area - 0.82 msft) in residential business in H1 FY24. Launched 0.84 msft of saleable area (RERA carpet area - 0.69 msft) across Tathawade phase 3 at Pune and Lakefront estates plotted development at Chennai. Collections at Rs. 587 crore in residential business for H1 FY24. Achieved land leasing of 12.8 acres in the industrial business for Rs. 46.7 crore.

The consolidated total income stood at Rs. 135.8 crore as against Rs. 191.2 crore in H1 FY23. The consolidated PAT, after non-controlling interest, stood at a loss of Rs. 23.2 crore as against a profit of Rs. 67.7 crore in H1 FY23.

Events subsequent to Q2 FY24

Acquired 5.38 acres of land in Wagholi, Pune with a development potential of over 1.5 msft (saleable area).

Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, "We achieved Rs 455 crore of pre-sales in our residential business driven by robust demand for our Lakefront plotted development combined with healthy sustenance sales. I am excited to share that in Oct'23 we have concluded acquisition of 5.38 acres plot in Wagholi, Pune which is a high potential micro market. The real estate industry is witnessing strong tailwinds especially in the mid-premium and premium segments."

Mahindra Lifespace Developers Limited shares

The shares of Mahindra Lifespace Developers Limited on Friday at 3:30 pm IST closed at Rs 510, up by 2 percent.

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