Mahindra Lifespace Developers Ltd, a prominent player in the real estate and infrastructure development sector, has disclosed a consolidated net loss of Rs 18.93 crore for the second quarter ended September. This figure represents a significant increase from the net loss of Rs 7.51 crore reported during the same period last year, primarily attributed to lower income.
Revenue Decline and Financial Performance
The company’s total income witnessed a notable decline, plummeting to Rs 25.7 crore during the July-September period of the fiscal year 2023-24. This marks a substantial drop from Rs 73.82 crore in the corresponding period of the previous year, as indicated in a regulatory filing.
Operational Highlights
Despite the challenging financial landscape, Mahindra Lifespace achieved notable milestones on the operational front. The company reported pre-sales of Rs 455 crore in its residential business segment, reflecting continued market demand and customer engagement.
Additionally, Mahindra Lifespace successfully launched 0.47 million square feet of saleable area at Tathawade Phase 3 in Pune, showcasing its commitment to expanding its project portfolio and catering to diverse market segments.
The company also demonstrated strong performance in collections, garnering Rs 311 crore in its residential business. Moreover, Mahindra Lifespace secured land leasing of 9.9 acres in the industrial business, amounting to Rs 32.2 crore.
Development Footprint and Future Outlook
Mahindra Lifespace boasts a substantial development footprint, encompassing 34.46 million square feet of completed, ongoing, and forthcoming residential projects across seven key Indian cities. Additionally, the company has over 5,000 acres dedicated to ongoing and forthcoming projects under development and management at its integrated developments and industrial clusters spread across four strategic locations.
Strategic Initiatives and Market Resilience
Despite the financial loss reported in the September quarter, Mahindra Lifespace remains focused on strategic initiatives aimed at sustainable growth and market resilience. The company’s robust operational performance and strategic expansions underline its commitment to delivering value to stakeholders and navigating challenges within the real estate sector.
Ben Müller
