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Mahindra Lifespace’s net profit dips 63% to Rs 15 crore in Q2 FY20

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Despite a near three-fold jump in revenues, realty player Mahindra Lifespace Developers on Tuesday reported 63 per cent decline in the net profit at Rs 15.04 crore for the second quarter ended September of the current fiscal mainly on the back of higher expenses.

The company had reported a net profit of Rs 40.34 crore in Q2 FY19.

Its total income for the July-September quarter increased nearly seven-fold to Rs 329.84 crore as against Rs 93.87 crore in the corresponding period last fiscal.

The company’s total expenses for the period grew to Rs 314.54 crore as against Rs 87.57 crore in Q2 FY19, mainly attributable to the project cost.

“Focus on operational throughput has resulted in continued strong collection and completions during the quarter,” its managing director and CEO Sangeeta Prasad said in a statement.

She further said the company is evaluating land deals mindfully and building a pipeline for future growth, taking into consideration the current business environment.

“Its the time for trusted developers like us to reinforce our position with customers. The company is gearing up for launches across geographies and an uptick in institutional sales in H2, in addition to its focus on collections and completions,” Prasad added.

During the quarter, the company achieved sales of Rs 106 crore or nearly 1.9 lakh sqft in residential business, excluding cancellations at its Luminare project.

The company also completed 2.8 lakh sqft of development at Vivante, Mumbai and Bloomdale, Nagpur and attained collections of Rs 258 crore in residential business, taking overall collections to Rs 492 crore during H1 FY20.

It also handed over 258 units to customers helping deliver 719 homes to H1 FY20.

The company also leased 7.3 acres for Rs 18.3 crore in integrated cities and industrial clusters business.

During the ongoing festive season, the company launched its Vicino project in Mumbai.

Mahindra Lifespaces has a portfolio of 25.3 million sqft of completed, ongoing and forthcoming residential projects across seven Indian cities and over 5,000 acres of ongoing and forthcoming projects under development and management at its integrated developments and industrial clusters across four locations.

Source: ET Realty

(The story has been published from a wire feed without any modifications to the text)

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