Mahindra Lifespace Developers Limited, the real estate and infrastructure development business of the Mahindra Group, on February 2, 2023, announced its financial results for the quarter ended December 31, 2022.
In Q3 FY23, the consolidated total income increased to Rs 198.2 crore from Rs 73.8 crore in Q2 FY 23 and Rs 33.3 crore in Q3 FY22. The consolidated PAT, after non-controlling interest, stood at a profit of Rs 33.2 crore as against loss of Rs 7.7 crore in Q2 FY23, and a profit of Rs 25.0 crore in Q3 FY22. During this quarter, the company clocked quarterly sales of Rs 451 crore in residential business and achieved land leasing of 24.5 acre in the industrial parks business for Rs 69 crore. Moreover, it launched 1.11 msft of saleable area across projects.
In 9M FY23, Mahindra Lifespaces’ consolidated total income stood at Rs 389.3 crore as against Rs 253.2 crore in 9M FY22. Also, the consolidated PAT, after non-controlling interest, stood at a profit of Rs 100.9 crore as against a profit of Rs 17.7 crore in 9M FY22. During this period, the company clocked sales of Rs 1,452 crore and collections of Rs 304 crore in residential business. It launched 2.77 msft of saleable area across various projects and achieved land leasing of 89 acres in the industrial parks business for Rs 255 crore.
Arvind Subramanian, managing director and CEO, Mahindra Lifespace, said, “We had four residential launches this quarter – one each in Mumbai, Pune, Bengaluru and Chennai. Mahindra Citadel in Pimpri, Pune, was launched within seven months of acquiring the land. Residential pre sales continue to be strong at Rs 451 crore for the quarter taking us to Rs 1452 crore for the nine-month period. We foresee continued strength in residential demand ahead. Our industrial leasing clocked Rs 69 crore for the quarter and Rs 255 crore for nine months, underlining the rebound of manufacturing investments in the country.”
Mahindra Lifespaces has also acquired 4.25-acre of land at Bengaluru with estimated sales potential of approximately Rs 400 crore. Also, the company has been selected as the partner to redevelop two adjacent residential societies in Santacruz West with a revenue potential of around Rs 500 crore.
