Mahindra Lifespace Q1 profit jumps over eight-fold at Rs 179 cr
Bangalore : Realty firm Mahindra Lifespace Developers today reported over eight-fold jump in consolidated net profit at Rs 179.31 crore during the quarter ended June on higher sales.Its net profit stood at Rs 21.77 crore in the year-ago period.
The consolidated total income jumped more than two to Rs 436.55 crores during April-June as compared to Rs 183.07 crore in the corresponding quarter of the previous year, Mahindra Lifespace, the realty arm of Mahindra group, said in a statement.
Commenting on the performance, company's Managing Director & CEO Anita Arjundas said: "The quarter commenced with the sale of the Byculla property in Mumbai wherein the company had developments rights, bringing to close a long pending matter. The two World Cities performed well during the quarter."
She noted that the revival of the residential sector seems imminent with a palpable improvement in consumer sentiment.
"We look forward to the launch of our premium residential projects across key markets besides the affordable housing pilots in Chennai and Mumbai," she added.
"As we celebrate 20 years of our group's foray in the real estate business, the unveiling of our affordable housing brand 'Happinest' in June signifies our intent of providing housing for all," Arjundas said.
Mahindra Lifespace's Chief Financial Officer Jayantt Manmadkar said: "The results this quarter saw a strong contribution from the Mahindra World Cities and ensured that even in a subdued market, our profitability was better than last year's comparable period even after excluding the profits on account of the Byculla property sale."
The proceeds from the sale of Byculla property have been used to pare down debt in the near term.Mahindra Lifesapce residential and commercial development footprint includes over 11.25 million sq ft of ongoing and forthcoming projects.It is developing business city 'Mahindra World City' in Chennai and Jaipur. These developments cover 4,376 acres and house over 100 reputed global companies.