Mahindra Lifespace Q1 results: Net loss at 14 crore; announces 2:1 bonus share issue

MUMBAI: Mahindra Lifespace Developers Ltd (MLDL), the real estate and infrastructure development business of the Mahindra Group, has reported a consolidated net loss of Rs 14 crore for the quarter ended June as against Rs 20 crore loss a year ago.

The company has approved the issuance of two bonus shares for one share held by shareholders.

Total income for the quarter stood at Rs 154 crore as against Rs 22 crore a year ago. During the quarter, the company has achieved sales of Rs 145 crore through 0.18 million sq ft residential sales.

“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. We continue to have a strong pipeline of attractive land acquisition opportunities and remain confident of building a strong platform for growth over the coming years,” said Arvind Subramanian, MD & CEO, Mahindra Lifespace Developers Ltd.

During the quarter, the company completed 0.12 million sq ft of space at Happinest Avadi and Happinest Palghar. It also achieved collections of Rs 204 crore in the residential business.

The developer finalized the terms to purchase land in Pune from Mahindra & Mahindra with a development potential of 0.44 million sq ft and leased 6.7 acres for Rs 14 crore in Integrated Cities and Industrial Clusters business.

The post Mahindra Lifespace Q1 results: Net loss at 14 crore; announces 2:1 bonus share issue first appeared on WorthStocks - Share Market Tips.

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