Real Estate

Mahindra Lifespace Q4 consolidated net down 35%

PTI New Delhi | Updated on April 22, 2019 Published on April 22, 2019

Realty firm Mahindra Lifespace Developers Ltd on Monday reported 35 per cent decline in its consolidated net profit at ₹ 31.27 crore for the quarter ended March 31, 2019, although it achieved record sales bookings of ₹ 1,023 crore during the last fiscal.

The company had posted a net profit of ₹ 47.75 crore in the year-ago period, Mahindra Lifespace said in a regulatory filing.

Total income rose to ₹ 246.9 crore in the fourth quarter of last fiscal from ₹ 180.6 crore in the corresponding period of the previous year.

During 2018-19, the net profit rose to ₹ 120 crore as against ₹ 101 crore in the previous financial year. Total income rose to ₹ 654 crore from ₹ 644 crore during the previous financial year.

“We have crossed the ₹1,000 crore mark in residential sales bookings for the first time. The previous high was around ₹ 800 crore,” the company’s MD and CEO Sangeeta Prasad told PTI.

The Mumbai-based developer also achieved record sales collection from customers at ₹ 960 crore, she said.

“With new accounting standard coming into effect, parameters like sales bookings, collections, project completion and acquisition of new projects have become more important to judge a company’s performance,” Prasad said.

The company’s board of directors recommended a dividend of Rs 6 per share (i.e. 60 per cent) for the financial year ended March 31, 2019.

Mahindra Lifespace achieved sales of ₹ 1,023 crore in residential business in 2018-19, a growth of 67 per cent. Land leasing in integrated cities and industrial clusters generated annuity income of ₹ 243 crore, a growth of 69 per cent over 2017-18.

Published on April 22, 2019
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