Mahindra Lifespaces' Operating Income doubles in Q2

Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, announced their Q2 results today. The Company reported an Operating income for Q2 F-10 of Rs.63.52 crores registering an increase of 109% compared to Rs.30.32 crores in Q2 F-09. The PAT for the quarter before the impact of exceptional item is at Rs.20.26 crores registering an increase of 81% compared to Rs.11.20 crores in Q2 F-09. The PAT for the quarter is at Rs.17.34 crores compared to Rs.11.20 crores in Q2 F-09.

The Operating income for H1 F-10 is at Rs.110.78 crores registering an increase of 41% on Rs.78.53 crores in H1 F-09. The PAT for H1 F-10 before the impact of exceptional item is at Rs.30.68 crores registering an increase of 46% compared to Rs.20.95 crores in H1 F-09. The PAT for H1 is at Rs.27.76 crores compared to Rs.20.95 crores in H1 F-09.

The above standalone results have been subject to a Limited review by the statutory auditors of the company.

The Company’s current projects in Mahindra Eminente at Goregaon, Mumbai, Mahindra Splendour at Bhandup, Mumbai, Mahindra Royale, Pune, Mahindra Chloris, Faridabad and Sylvan County at Mahindra World City, Chennai are progressing as per schedule.

The Company launched further units for sales in Eminente, Mumbai and also launched the last phase for Royale, Pimpri. The Company’s sales amounted to a sales value of Rs. 102 crores for the quarter and Rs 152 crores for the H1 F10 across its projects.

At the Company’s subsidiary, Mahindra World City, Chennai, 2 more customers commenced operations taking the total number of operational customers to 28 of the total customers of 47. The employment at Chennai is currently 15,000 persons,

At the Company’s subsidiary, Mahindra World City, Jaipur, the Company signed 4 more MoU’s with companies taking the total number of customers under lease / MoU at Mahindra World City, Jaipur to 33 and accounting for acreage of 467 acres. The employment at Jaipur is currently 1000 persons.

About Mahindra Lifespace Developers Ltd
Mahindra Lifespace Developers Ltd (previously known as Mahindra Gesco Developers Ltd) has been in the forefront of Urban Development in the country. A part of the US $ 6.3 billion Mahindra Group, the company enjoys a reputation of being the pioneer in the development of integrated business cities and delivering quality living spaces that not only offer its customers healthy living but also the comfort of  fair and transparent dealings backed by the trust and credibility of the Mahindra Group. The Company has developed premium residential and commercial properties in Mumbai, Pune, Delhi, Chennai and the Mahindra World Cities at Chennai and Jaipur.