Mahindra Lifespace Q1 net profit down 52 pc at Rs 13 cr

Realty firm Mahindra Lifespace Developers on Friday reported 52 per cent decline in its consolidated net profit at Rs 12.92 crore for the first quarter ended June 30.

Its net profit stood at Rs 26.70 crore in the year-ago period, the Mumbai-based developer said in a regulatory filing.

Total income also declined to Rs 120.3 crore during April-June period of this fiscal from Rs 175.8 crore in the corresponding period previous year.

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

"Continued focus on collections, execution and approvals for launch will enable project launches and operational throughput in the subsequent quarters. We are evaluating opportunities for acquisition of land and projects. We are well placed to grow our business with our strong financial resources and access to capital," said Sangeeta Prasad, MD & CEO, Mahindra Lifespace.

On operational front, the company achieved sales of Rs 120 crore (0.22 million sq ft) in residential business (including joint development partner's share of inventory). It leased 9.4 acres for Rs 25.1 crores in Integrated Cities & Industrial Clusters business.

The Board of Directors at its meeting held on Friday approved the appointment of Vimal Agarwal as the Chief Financial Officer.