Companies

Mahindra Lifespaces consolidated profit drops to ₹13.5 crore in second quarter

Our Bureau Mumbai | Updated on January 09, 2018

Mahindra Lifespace Developers Ltd has reported dip in its consolidated net profit at ₹13.5 crore for the second-quarter ended September 30, 2017, against ₹32.2 crore in the corresponding period a year ago.

The consolidated total income for the quarter stood at ₹129.1 crore against ₹144.8 crore in Q2 FY-17.

Anita Arjundas, MD, Mahindra Lifespace Developers, said: “The quarter has been impacted by the discontinuity created around marketing efforts due to lead time in RERA registrations and the impact on price in ongoing projects under GST transition. We have focussed on building partnerships that will help fuel growth in a capital efficient manner. We continue to look for meaningful opportunities to scale up our businesses."

In the residential business, Mahindra Lifespaces sold 200 units worth ₹111 crore in the second-quarter of the year.

The company said it is awaiting approvals for six of its new residential projects in Mumbai, Pune and Chennai, and plans to launch the same upon receipt of the relevant approvals.

In a statement, the company said that it had entered into a strategic partnership with International Finance Corporation.

Published on October 30, 2017

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