Mahindra Lifespace Q2 net rises 2-fold to Rs 41.2 crore

Mahindra group's real estate arm, Mahindra Lifespace Developers, Friday reported a two-fold increase in net profit for the quarter ended September at Rs 41.2 crore, despite a decline in revenues.

The company had reported a profit of Rs 13.5 crore in the corresponding quarter last fiscal.

It reported a total income of Rs 93.9 crore, against Rs 129.1 crore in the year-ago period, registering a decline of 27.26 per cent, the company said in a statement.

The real estate firm attained a collection of Rs 249 crore during July to September quarter, it added.

"The two launches namely Roots in Mumbai and Lakewoods in Mahindra World City, Chennai have contributed significantly to our sales numbers," said Sangeeta Prasad, managing director and chief executive officer, Mahindra Lifespace Developers.

"The signing of definitive agreement for a land parcel of 8.4 lakh sq ft at Bhiwandi Kalyan Road targeting the affordable housing segment is indeed encouraging. We will continue our pursuit to drive momentum in our performance," she added.

During the quarter, the company completed phase I of Windchimes, Bengaluru, having 4.4 lakh sq ft of saleable area and also achieved lease value of Rs 67.4 crore, it said.

The firm also received a funding of around Rs 195 crore in Mahindra World City, Jaipur from International Finance Corporation (IFC), it added.

The real estate firm's development footprint spans 23.8 million sq ft of completed, ongoing and forthcoming residential projects across seven cities in the country.

It has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/ industrial clusters in four cities.

The company's stocks ended 3.12 per cent down at Rs 402.60 apiece on the BSE Friday, against 1.01 per cent decline in the benchmark.