Mahindra Lifespace Developers posts Rs 12.74 cr profit in Q1

New Delhi: Realty firm Mahindra Lifespace Developers Ltd on Wednesday reported a consolidated net profit of Rs 12.74 crore for the June quarter.

The company posted a net loss of Rs 4.27 crore in the year-ago period.

Its total income increased to Rs 206.70 crore during the April-June period of this fiscal year from Rs 110.05 crore in the corresponding period of the preceding financial year, according to a regulatory filing.

On operational metrics, Mahindra Lifespace achieved pre-sales (sales bookings) of Rs 1,019 crore in residential business.

It achieved land leasing of 18.8 acres in the integrated cities and industrial clusters business for Rs 76.1 crore.

Mahindra Lifespace Developers Ltd Managing Director & CEO Amit Kumar Sinha said, "We continue to see strong momentum in our residential business. We have added healthy GDV (gross development value) in line with our 5X aspiration." Mahindra Lifespace, which is a real estate arm of Mahindra Group, has a development footprint of 37.95 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.