Mahindra Lifespace Q3 profit dips 21% at Rs 20.6 crore

Realty firm Mahindra Lifespace Developers Ltd Monday reported a 21 per cent decline in consolidated net profit at Rs 20.58 crore for the third quarter of this fiscal due to lower sales.

Its net profit stood at Rs 25.97 crore in the year-ago period, the company said in a regulatory filing.

Total income also fell to Rs 137.37 crore in October-December 2018 from Rs 185.64 crore in the corresponding period of the previous year.

"Achieved Q3 sales of 0.35 million sq ft valued at Rs 215 crore, leading to 9M FY19 sales of 1.04 million sq ft, valued at Rs 616 crore," Mahindra Lifespace said in a statement.

Its sales collection stood at Rs 195 crore in Q3 of FY19 and Rs 662 crore in the first nine months of this financial year.

"It is encouraging to see continued momentum in sales, collections and execution. The expected notification of Mumbai DP2034 transition policy will pave way to launch our much awaited Mumbai projects in the near future," Sangeeta Prasad, MD and CEO, Mahindra Lifespace Developers, said.

Established in 1994, Mahindra Lifespace Developers is the real estate and infrastructure development business of the USD 20.7 billion Mahindra Group.

Its development footprint spans 24.5 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities. The company also has over 5,000 acres of ongoing and forthcoming projects under development or management at its integrated developments or industrial clusters across four locations.