Mahindra Lifespace Q2 profit at Rs 13 cr; revenue up 76% at Rs 65.7 cr

Realty firm Mahindra Lifespace Developers Ltd on Tuesday reported a consolidated net profit of Rs 13.23 crore for the quarter ended September on rise in total income.

The company, which is a part of the Mahindra group, had posted a net loss of Rs 13.48 crore in the year-ago period.

Total income for the second quarter rose to Rs 65.70 crore from Rs 37.42 crore in the corresponding period of the previous year, according to a regulatory filing.

The consolidated PAT, after non-controlling interest, stood at Rs 6.52 crore for the quarter ended September as against a loss of Rs 13.33 crore in Q2 of FY21.

Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd, said, "We have seen encouraging demand growth in both our residential and industrial parks businesses in Q2 FY22. Further, project execution has gained pace."

The response to the launch of its first Mahindra Happinest project at Mahindra World City, Chennai has been very heartening, he said, adding that more than 80 per cent of launched inventory in the project has been booked.

"We have multiple launches lined up in H2 FY22 across our priority markets and are hoping for a strong operational performance through the second half of the year. With the gradual easing of travel restrictions, conversion of enquiries is likely to pick up pace in our industrial parks business," Subramanian said.

The company achieved a sales of Rs 303 crore in residential business, the filing said. The collections stood at Rs 171 crore in residential business, it added.

Established in 1994, Mahindra Lifespace Developers Ltd's development footprint spans 27.4 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.