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

Myanmar's U.N. ambassador vows to fight after junta fired him

Myanmars United Nations envoy in New York vowed to fight on Saturday after the junta fired him for urging countries to use any means necessary to reverse a Feb. 1 coup that ousted the nations elected leader Aung San Suu Kyi.I decided to fig...

Dominican Republic to construct fence along border with Haiti

The Dominican Republic will begin constructing a fence along its 376-kilometer 234 mi border with Haiti later this year to curb unauthorized migration and illicit trade, President Luis Abinader said on Saturday. In a period of two years, we...

Saudi Arabia says it intercepts missile attack over capital

Saudi Arabia said Saturday it intercepted a missile attack over its capital and bomb-laden drones targeting a southern province, the latest in a series of airborne assaults it has blamed on Yemens rebel Houthis.The Saudi-led military coalit...

Rugby-Refereeing decisions spark furious debate after Wales win

Englands coach and captain remained tight-lipped over the controversial decisions that gave Wales two early tries in Saturdays 40-24 Six Nations victory in Cardiff on Saturday but there was no shortage of debate among pundits and fans. Wale...

Give Feedback