Mahindra Lifespace Developers Q3 net profit down
Mahindra Lifespace Developers has reported 26.1% on-year drop in consolidated net profit at Rs 26 crore for the quarter ended December. Total income of the real estate and infrastructure development business of the Mahindra Group also declined 18.6% to Rs 185.6 crores, the company said in a release.
The realty developer’s EBITDA margin for the quarter stood at around 24% as against 22.3% a year ago.
During the quarter, the company sold 0.25 million sq ft area with a value of Rs 156 crores.
“The Company has made significant headway in its balanced and capital light approach by way of partnerships formed with reputed organizations like IFC and HDFC Capital. The quarter gone by reflects the best operational performance so far this year. Having said that, we look forward to maximising performance to full potential, given a large number of new project launches that are planned in the near future,” said Anita Arjundas, Managing Director & CEO, Mahindra Lifespace Developers.
During the quarter, the Company received investment funding for its industrial cluster at Ahmedabad, ‘Origins by Mahindra World City’ from International Finance Corporation (IFC), a strategic partnership that was announced in the previous quarter. Further, in October, the company formed a strategic platform for affordable housing with HDFC Capital. This new platform will initially focus on affordable housing projects in Mumbai and Pune.
In integrated business cities vertical, the company has signed a new customer at Mahindra World City (MWC) Chennai and an existing customer took additional space at MWC Jaipur, totaling around 23 acres of land lease during the quarter.