Realty company Mahindra Lifespace Developers announced Q1FY24 results: Consolidated total income stood at Rs 110.1 crore as against Rs 270.3 crore in Q4FY23 and Rs 117.3 crore in Q1FY23 The consolidated PAT, after non-controlling interest, stood at a loss of Rs 4.3 crore as against a profit of Rs 0.5 crore in Q4FY23 and a profit of Rs 75.4 crore in Q1FY23 Achieved Q1FY24 sales of Rs 345 crore (saleable area - 0.42 msft, RERA carpet area - 0.28 msft) in residential business Launched 0.37 msft of saleable area (RERA carpet area — 0.37 msft); Lakefront Estates a plotted development at Chennai Collections at Rs 276 crore in residential business Achieved land leasing of 3 acres in the industrial parks business for Rs 14 crore Commenting on the performance, Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers, said, "Our residential business has delivered a pre-sales of Rs 345 crore. We are optimistic about the launches lined up in upcoming quarters. We are gearing up for a 5X growth in our business over the next 5 years We have a strong commitment from Mahindra Group to support this aspiration. We have built a strong Business Development and launch pipeline, which gives us multiyear benefits. We have also made good progress on our Thane land parcel basis with the new IITT policy which gives us a higher FS1 and favourable residential sales mix. Our industrial leasing pipeline for the balance of the year is looking strong primarily driven by multiple initiatives by Central and State governments and we expect to deliver robust performance in the coming quarters." Result PDF
Conference Call with Mahindra Lifespace Developers Management and Analysts on Q4FY23 Performance and Outlook. Listen to the full earnings transcript.