Mahindra Lifespace posts nearly Rs 8 crore net loss in September quarter

Mahindra Lifespace Developers Ltd on Thursday reported a consolidated net loss of Rs 7.7 crore for the quarter ended September on higher expenses.

Its net profit stood at Rs 6.5 crore in the year-ago period, according to a regulatory filing.

The consolidated total income stood at Rs 73.8 crore in the second quarter of this fiscal year as against Rs 65.7 crore in the corresponding quarter of the previous year.

The company's total expenses increased to Rs 115 crore in the July-September quarter from Rs 54 crore last year.

''In what is seasonally a weak quarter for residential real estate, Mahindra Lifespaces garnered Rs 399 crore of pre-sales taking us to over Rs 1,000 crore of residential sales for the first half of the fiscal,'' Arvind Subramanian, Managing Director and CEO of Mahindra Lifespace Developers Ltd, said.

The launch of Mahindra Nestalgia project in Pimpri, Pune was well-received, reaffirming product and brand strengths and the depth of its sales franchise, he said.

''Industrial leasing too maintained strong momentum, clocking Rs 68 crore. With a record first half behind us, and some exciting new launches in the pipeline, we are shaping up for a strong finish to the year in line with our growth aspiration,'' Subramanian said.

Established in 1994, Mahindra Lifespace Developers Ltd's development footprint spans 32.14 million square feet of completed, ongoing and forthcoming residential projects across seven cities in the country. It also has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/ industrial clusters across four locations.