Mahindra Lifespace Q3 profit down 91% at Rs 1.8 cr
Realty firm Mahindra Lifespace Developers Ltd reported a 91 per cent decline in net profit to Rs 1.81 crore for the quarter ended December. Its net profit stood at Rs 20.58 crore in the year ago period, the company said in a regulatory filing.
Total income also fell to Rs 85 crore during the third quarter of 2019-20 from Rs 137.37 crore in the corresponding period of the previous year.
Mahindra Lifespace MD and CEO Sangeeta Prasad said, "we are delighted with the successful launch of Happinest Kalyan, which strengthens the hypothesis that a right product with right location is always attractive." The company plans to launch new projects in Mumbai and Pune this quarter, she added.
"The subdued investment sentiments in the economy has adversely impacted industrial land lease volumes," Prasad said. On operational front, Mahindra Lifespace achieved sales of Rs 196 crore (0.26 million sq ft) in residential business (excluding cancellation at Luminare).
The company's development footprint spans 25.3 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.
Mahindra Lifespace Developers is the real estate and infrastructure development business of the Mahindra Group.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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