Mahindra Lifespace posts Rs 4 cr loss for Q1

New Delhi: Mahindra Lifespace Developers on Wednesday reported a consolidated net loss of Rs 4.27 crore for the first quarter of this fiscal year on lower income and higher expenses.

The company posted a net profit of Rs 75.70 crore for the year-ago period.

Total income fell to Rs 110.05 crore during April-June from Rs 117.34 crore in the corresponding period of the previous year, according to a regulatory filing.

Total expenditure increased to Rs 148.34 crore from Rs 130.72 crore in the year-ago period.

"Our residential business has delivered a pre-sales of Rs 345 crore. We are optimistic about the launches lined up in upcoming quarters. We are gearing up for a 5X growth in our business over the next 5 years," Mahindra Lifespace Developers Managing Director & CEO Amit Sinha said.

The company has a portfolio of 34.46 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities. It also has more than 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments / industrial clusters across four locations.