© Reuters.
Mahindra Lifespace Developers Limited (MLDL) has reported a loss after non-controlling interest of Rs. 19.0 crore for the second quarter of the fiscal year 2024, a decrease from Rs. 7.7 crore loss in Q2 FY23 and Rs. 4.3 crore loss in Q1 FY24. The firm also announced a consolidated total income of Rs. 25.7 crore, marking a decrease from Rs. 73.8 crore in Q2 FY23 and Rs. 110.1 crore in Q1 FY24.
Despite the reported losses, MLDL has seen strong performance in its residential business, achieving pre-sales of Rs. 455 crore with a saleable area of 0.68 million sq ft, and collections of Rs. 311 crore in the same period. The industrial sector also showed progress, leasing out 9.9 acres for Rs. 32.2 crore.
The company launched projects at Tathawade Phase 3, Pune and Lakefront estates, Chennai during this quarter. CEO Amit Sinha cited “strong tailwinds” in the real estate sector and “robust demand” for the Lakefront development project.
For the first half of FY24, MLDL reported a total income of Rs. 135.8 crore and a loss of Rs. 23.2 crore, which contrasts with H1 FY23’s income of Rs. 191.2 crore and profit of Rs. 67.7 crore.
In addition to these developments, MLDL has expanded its portfolio by acquiring a 5.38-acre plot in Pune with a development potential of 1.5 million sq ft.
On the stock market front, MLDL shares closed at Rs 510 on Friday.
In Q3 2023, MLDL reported a net loss of Rs 18.93 crore, up from Rs 7.51 crore in Q3 2022. The net consolidated total income during this period dropped by 63.83% to Rs 26.70 crore.
MLDL also reported robust activity in its industrial leasing sector due to domestic consumption and China+1 themes. Additionally, the firm’s ESOS stock options exercise led to an increase in paid-up equity share capital by Rs 29.83 lakhs through the allotment of 2,98,260 shares, including 36,438 shares during Q3 itself.
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