Mahindra Lifespace Developers Limited (MLDL), the real estate division of Mahindra Group, announced its Q2 and half yearly financial results on November 3, 2022. According to the report, in the Q2 FY 2023, the consolidated total income stood at Rs 73.8 crore as against Rs 117.3 crore in Q1 FY 2023 and Rs. 65.7 crore in Q2 FY 2022. The consolidated PAT, after non-controlling interest, was at a loss of Rs 7.7 crore as against profit of Rs 75.4 crore in Q1 FY 2023 and a profit of Rs 6.5 crore in Q2 FY 2022. For H1 FY 2023, the consolidated total income stood at Rs 191.2 crore as against Rs 219.9 crore in H1 FY 2022. The consolidated PAT, after non-controlling interest, was at a profit of Rs 67.7 crore as against a loss of Rs 7.4 crore in H1 FY 2022.
Arvind Subramanian, managing director and CEO, Mahindra Lifespace Developers Ltd., said, “In what is seasonally a weak quarter for residential real estate, Mahindra Lifespaces garnered Rs. 399 crore of pre-sales taking us to over Rs 1,000 crore of residential sales for the first half of the fiscal. The launch of Mahindra Nestalgia in Pimpri, Pune was well-received, reaffirming our product and brand strengths and the depth of our sales franchise. Industrial leasing maintained strong momentum, clocking Rs 68 crore.”
According to the operational highlights for H1 FY 2023, the company acquired 11.5-acre of land at Pimpri, Pune with estimated sales potential of nearly Rs 1,700 crore. It achieved half yearly sales of Rs 1,001 crore (with saleable area of 1.13 msft; RERA carpet area of 0.70 msft) in residential business.
As per Mahindra Lifespaces, it had launched 1.66 msft of saleable area (RERA carpet area of 1.22 msft) across various projects, such as Mahindra Eden at Bengaluru, Mahindra Happinest Tathawade at Pune, Luminare at Gurugram, Mahindra Nestalgia at Pune, Aqualily and Lakewoods at Chennai. It recorded collections of Rs 557 crore in residential business. Also, the company achieved land leasing of 64.5 acres in industrial parks business for Rs 186 crore.
According to the operational highlights for Q2 FY 2023, the company achieved quarterly sales of Rs. 399 crore (saleable area of 0.47 msft; RERA carpet area of 0.31 msft) in residential business. It launched 0.61 msft of saleable area (RERA carpet area of 0.44 msft) across projects, such as Mahindra Nestalgia at Pune, Aqualily and Lakewoods at Chennai, and recorded collections at Rs 286 crore in residential business. The company achieved land leasing of 22.3 acres in industrial parks business for Rs 68 crore.
Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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