Mahindra Lifespace Q4 net loss narrows to Rs 28 cr

On a consolidated basis, Mahindra Lifespace Developers' net loss stood at Rs 27.79 crore in Q4 FY21 compared with net loss of Rs 224.69 crore in Q4 FY20.

Net sales tumbled 44.8% to Rs 55.99 crore in Q4 FY21 from Rs 101.42 crore in Q4 FY20. The company reported pre-tax loss of Rs 33.62 crore in Q4 FY21 as against pre-tax loss of Rs 229.45 crore in Q4 FY20.

During Q4 March 2021, Mahindra Lifespace Developers achieved a sales of Rs 346 crore (0.52 msft) in residential business. It launched 0.76 msft across two new projects and a new phase in an existing project. The firm attained collections of Rs 255 crore in residential business. The company delivered 445 units to customer across various projects and it leased 27.8 acres for Rs 66 crore in Integrated Cities and Industrial Clusters business.

The consolidated net loss, after non-controlling interest, stood at Rs 72 crore as compared to Rs 193 crore in FY20. Total income stood at Rs 188 crore as against Rs 646 crore in FY20, recording a 70.89% Y-o-Y (year-on-year) decline.

The consolidated cost of debt stood at 7.05% while the standalone cost of debt stood was at 5.9%.

Commenting on the Q4 performance, Arvind Subramanian, managing director (MD) and chief executive officer (CEO) of Mahindra Lifespace Developers, said: "Q4 FY21 has been a significant quarter with a sharp acceleration in both residential sales and land leasing at industrial parks. We have had two successful new project launches and have concluded two new land acquisitions. The resurgence of the pandemic towards the end of the quarter delayed a few project completion certificates, thereby impacting our financial performance for the quarter. Despite the pandemic, however, we have experienced strong demand for our projects and we remain optimistic about demand in FY22 as well."

Mahindra Lifespace Developers is the real estate and infrastructure development business of the Mahindra Group.

Shares of Mahindra Lifespace Developers rose 1.90% to Rs 502.15 on Wednesday, 12 May 2021. The Indian stock markets are shut today, 13 May 2021, on account of Id-Ul-Fitr (Ramzan Id).

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