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Mahindra Lifespace Developers Q1 results: Reports net loss of Rs 20 crore

Mahindra Lifespace Developers Q1 results: Reports net loss of Rs 20 crore

MUMBAI: Realty developer Mahindra Lifespace Developers has reported consolidated net loss of Rs 20 crore for the quarter ended June as against net profit of Rs 13.11 crore a year ago. Total income for the quarter also declined to Rs 22 crore against Rs 120.30 crore a year ago.

The real estate and infrastructure development business of the Mahindra Group achieved sales of Rs 39 crore in residential segment during the quarter. Collections in residential business stood at Rs 72 crore.

“This quarter has been a challenging one for the economy as well as for our business, with sales and construction both coming to a standstill before showing some signs of gradual recovery towards the end of June,” said Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers.

In its integrated cities and industrial clusters business, the company leased 2.5 acres for Rs 8 crore. The developer’s cash and cash equivalents in hand at the end of the quarter stood at Rs 149 crore.

“In this uncertain environment, we are committed to standing by our associates, our customers and our partners, conserving financial resources, and building new digital and design capabilities to emerge stronger when the market recovers,” Subramanian added.

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