Mahindra Lifespace Developers posts Rs 11.19 cr net loss in Dec quarter

PTI | New Delhi | Updated: 23-01-2021 15:56 IST | Created: 23-01-2021 15:26 IST
Mahindra Lifespace Developers posts Rs 11.19 cr net loss in Dec quarter

Realty firm Mahindra Lifespace Developers Ltd on Saturday reported a consolidated net loss of Rs 11.19 crore in the third quarter of this fiscal year on lower income.

The company had posted a net profit of Rs 1.81 crore in the year-ago period.

Total income declined to Rs 70.19 crore during the October-December quarter of the 2020-21 fiscal from Rs 85 crore in the corresponding period of the previous year, the company said in a regulatory filing.

''Residential housing demand has been strong across markets and we have recorded broad-based growth in our sales and collections. In fact, Q3 sales and collections have been higher than the entire H1 FY21,'' said Arvind Subramanian, Managing Director and Chief Executive Officer, Mahindra Lifespace Developers.

In the residential segment, he said the current quarter promises to be exciting, with important project launches lined up and a few land acquisition deals expected to conclude.

''In our industrial parks business, we are seeing a meaningful uptick in enquiries and expect a build-up in leasing volumes over the coming quarters,'' Subramanian said.

Established in 1994, Mahindra Lifespace Developers is the real estate and infrastructure development business of the USD 19.4 billion Mahindra Group.

The company's development footprint spans 25.7 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities. It also has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Why unequal access to coronavirus vaccines is a threat to us all

... ...

India’s love affair with fossil fuels: the path to sustainable development?

... ...

Videos

Latest News

UN: Yemen faces world's worst famine and needs $3.85 billion

Conflict-torn Yemen is falling off a cliff and will face the worst famine the world has seen for decades unless donors, and especially its Gulf neighbours, contribute generously to this years UN humanitarian appeal for 3.85 billion, the UN ...

Moderna is developing booster shot for new coronavirus variants, increases vaccine production target

Moderna Inc said on Wednesday it is working with U.S. government scientists to study an experimental booster shot that targets a concerning new variant of the coronavirus and has raised its global COVID-19 vaccine production goal for this y...

Frontline workers, BAME groups will not be prioritised for UK vaccines -Guardian

Frontline workers and Black, Asian and minority ethnic groups BAME in the United Kingdom will not be prioritised for COVID-19 vaccination in the next stage of the vaccine rollout, the Guardian reported on Wednesday.The Joint Committee on Va...

Northern Ireland's first minister ups ante in UK-EU trade dispute

Northern Irelands first minister upped the ante on Wednesday in a dispute between the UK and the European Union over trade with the province, calling on Prime Minister Boris Johnson to step up and protect the United Kingdom.Earlier the UK a...

Give Feedback