Mahindra Lifespace Developer reported consolidated net profit of Rs 71.50 crore in Q4 FY24, steeply higher than Rs 0.54 crore recorded in Q4 FY23.
However, revenue from operations tumbled 94.40% to Rs 14.29 crore in March 2024 quarter from Rs 255.37 crore posted in the corresponding quarter previous year.Consolidated profit before tax zoomed to Rs 58.58 crore in the fourth quarter of FY24 as against Rs 3.92 crore in same quarter last year.
Total expenses slipped 74.13% YoY to Rs 74.82 crore in Q4 FY24. Cost of sales stood at Rs 12.96 crore (down 93.87% YoY), employee benefits expense was at Rs 18.17 (down 0.93% YoY) during the period under review.
During Q4, the company achieved pre-sales of Rs 1,086 crore and collections of Rs 412 crore in residential business.
Further, the realty firm achieved land leasing of 29.2 acres in the industrial business for Rs 99 crore during the quarter.
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On full year basis, the companys net profit fell 3.13% to Rs 98.24 crore on 65.04% decline in revenue from operations to Rs 212.09 crore in FY24 over FY23. Collections for the year were at Rs 1,385 crore in the residential business.
Meanwhile, the company's board recommended a final dividend of Rs 2.65 per equity share for the financial year ended 31 March 2024. The dividend will be paid after 24 July 2024 and the record date for the same is fixed as 12 July 2024.
Amit Sinha, MD & CEO of Mahindra Lifespace Developers, said, We closed FY24 with our highest ever annual sales driven by successful launches throughout the year. Additionally, we closed the year with over Rs. 4,400 crore of GDV in our business development and are optimistic for the coming year given our strong pipeline of deals. Our IC&IC continued its traction with Rs. 370 crore of leasing revenue, in line with manufacturing traction seen throughout the country.
Mahindra Lifespace Developers is the real estate and infrastructure development arm of the Mahindra Group. The company's development footprint spans 33.55 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.
The scrip declined 5.73% to trade at Rs 628.75 on the BSE.
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