NE BUSINESS BUREAU
MUMBAI, OCT 30
Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended September 30, 2020 on Friday (October 30, 2020).
In accordance with IND AS 115, Company recognizes its revenues on completion of contract method.
FINANCIAL PERFORMANCE FOR Q2 FY21 vs Q1 FY21
- The consolidated total income stood at Rs. 37 crores as against Rs. 22 crores in Q1FY21
- The consolidated PAT, post minority interest, stood at Rs.(13) crores as against Rs. (20) crores in Q1FY21
Commenting on the performance, Mr. Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said, “We have done industry’s first zero-touch digital launch of our next project in Palghar in the MMR area. We have been overwhelmed by the customer response. Across our portfolio, sales momentum has picked up in Q2 as unlocks have been announced. Even in integrated cities and industrial clustersbusiness, we have seen few land leases and improvement in lead pipeline. As the momentum continues toimprove further, we are getting ready for furthernew project launches in H2 and hope tosee continued momentum in sales.”
Key Highlights FOR Q2FY21
- Launch of new affordable housing project at Palgharcomprising 485 units
- Achieved sales of Rs. 115 crores (0.16 msft) in residential business.
- Attained collections of Rs. 134 crores in residential business.
- Leased 8.1 acres for Rs. 21.3 crores in Integrated Cities and Industrial Clusters business.
- Consolidated cost of debtstood at 7.35%; standalone cost of debt stood at 6.5%.
