Mahindra Lifespaces Developers logs net loss of Rs 8 crore in Q2

Mahindra Lifespaces Developers (MLDL), the real estate and infrastructure development business of the Mahindra Group, reported a net loss of Rs 7.74 crore for the quarter ended September against a net profit of Rs 6.52 crore in the year-ago quarter. 

Managing Director and CEO Arvind Subra­manian said the loss incurred was attributable to fewer completions in the residential segment.  

 The company has also set a target of achieving annual residential sales of Rs 2,500 crore and annual leasing of Rs 500 cr in Integrated cities & Industrial clusters (IC&IC) business by 2025.

The realty firm’s consolidated total income stood at Rs. 73.8 crores as against Rs. 117.3 crores in the first quarter. However, in the same quarter last year, total consolidated income stood at  Rs. 65.7 crores.

“ Mahindra Lifespaces garnered Rs 399 crore of pre-sales taking us to over Rs 1,000 crore of residential sales for the first half of the fiscal, so that will go very well for the second half of the year as well,”  said Arvind Subramanian, managing director & CEO Mahindra Lifespaces.

On the industrial side of the business, we had a very good quarter with 68 crores of industrial land leasing, taking the total first half to about 186 crores of land leasing, he said.

“We are seeing a very strong demand across the locations, in fact, we have been able to take price up in all our projects by 7-8 per cent in some cases,” said Subramanian.

The company also achieved quarterly sales of Rs. 399 crores with a saleable area of 0.47 mn sq ft in its residential business.

In the first half of this financial year, It launched 1.66 mn sq ft of saleable area across various projects, viz. Mahindra Eden at Bengaluru, Mahindra Happinest Tathawade at Pune, Luminare at Gurugram, Mahindra Nestalgia at Pune, Aqualily, and Lakewoods at Chennai.

The launch of Mahindra Nestalgia in Pimpri, Pune was well-received, reaffirming our product and brand strengths and the depth of our sales franchise. Industrial leasing too maintained strong momentum, clocking Rs 68 crore, Subramanian said.

Moreover, the company has a total development footprint of 32.14 mn sq ft and out of which 19.44 mn sq ft is already completed, said the company in its investors’ presentation.

Currently, the firm's total land inventory stands at 2244 acres. Also, it reported 154 units of ready-to-move inventories across various locations including Mumbai, Chennai, and Pune.

Mahindra Lifespace Limited has appointed Anuj Puri as an additional director in the category of Non-Executive Independent Director, who is also the chairman and director of ANAROCK, said the company in its regulatory filing.