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Mahindra Lifespace Developers Reports Net Loss Of Rs 14 Cr In Q1 FY22

Total income rose to Rs 154.20 crore in the first quarter of this fiscal from Rs 22.09 crore in the corresponding period of the previous year.

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Total income rose to Rs 154.20 crore in the first quarter of this fiscal from Rs 22.09 crore in the corresponding period of the previous year.

Mahindra Lifespace Developers Ltd on Wednesday reported a consolidated net loss of Rs 14.04 crore for the quarter ended June and also announced bonus issue of equity shares to shareholders in the ratio of 2:1. The company had posted a net loss of Rs 20.50 crore in the year-ago period.

Total income rose to Rs 154.20 crore in the first quarter of this fiscal from Rs 22.09 crore in the corresponding period of the previous year.

The board recommended bonus issue of equity shares in the ratio of two fully paid-up equity share for every one equity share of Rs 10 each held by the shareholders as on the record date.

Arvind Subramanian, managing director and chief executive officer, Mahindra Lifespace Developers Ltd, said, “Residential sales as well as land leasing at our industrial parks continued to perform well despite varying levels of lockdowns through the quarter.”

“We are gearing up for new launches in each of our key markets within this financial year. Labour strength is building back at our project sites and we expect to catch up on lost time over the coming quarters,” he added.

Subramanian said the company continues to have a strong pipeline of attractive land acquisition opportunities and remains confident of building a strong platform for growth over the coming years.

Mahindra Lifespace’s development footprint spans 27.4 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments / industrial clusters across four locations.

Source: PTI

(The story has been published from a wire feed without modifications to the text. Only the heading has been changed)

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