AgenciesMUMBAI: Mahindra Lifespace Developers, the real estate and infrastructure development business of the Mahindra Group, has reported a consolidated net profit of Rs 25.02 crore for the quarter ended December against a loss of Rs 11.19 crore a year ago.
Total income for the quarter declined over 52 per cent from a year ago to Rs 33.32 crore.
“While we have been showing steady strength in residential pre-sales for the past several quarters, this recent quarter has seen over Rs 140 crore of industrial leasing. This augurs well for the business and signals the return of capital investment in India’s manufacturing sector. We are gearing up for several new residential project launches across markets over the next few months,” said Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers.
The company has collected Rs 469 crore in residential business and leased 51.10 acres in industrial parks business during the quarter.
The Mahindra Group company has finalized terms for a land parcel in Dahisar suburb of Mumbai under joint development, with a development potential of 0.86 million sq ft.
Total income for the quarter declined over 52 per cent from a year ago to Rs 33.32 crore.
“While we have been showing steady strength in residential pre-sales for the past several quarters, this recent quarter has seen over Rs 140 crore of industrial leasing. This augurs well for the business and signals the return of capital investment in India’s manufacturing sector. We are gearing up for several new residential project launches across markets over the next few months,” said Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers.
The company has collected Rs 469 crore in residential business and leased 51.10 acres in industrial parks business during the quarter.
The Mahindra Group company has finalized terms for a land parcel in Dahisar suburb of Mumbai under joint development, with a development potential of 0.86 million sq ft.
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