Mahindra Lifespaces achieves residential sales of Rs. 115 crores in Q2FY21 Successful launch of Palghar – Industry’s first “zero touch” digital home-buying experience

Mumbai, October 31, 2020: Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced  its  financial results for the quarter ended 30^th Sep 2020 today. 

In accordance with IND AS 115, Company recognizes its revenues on completion of contract method.

FINANCIAL PERFORMANCE FOR Q2 FY21 vs Q1 FY21

·         The consolidated total income stood at Rs. 37 crores as against Rs. 22 crores in Q1 FY21

·         The consolidated PAT, post minority interest, stood at Rs. (13) crores as against Rs. (20) crores in Q1 FY21 

Commenting on the performance, Mr. Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said, “We have done industry’s first zero-touch digital launch of our next project in Palghar in the MMR area.  We have been overwhelmed by the customer response. Across our portfolio, sales momentum has picked up in Q2 as unlocks have been announced. Even in integrated cities and industrial clusters business, we have seen few land leases and improvement in lead pipeline. As the momentum continues to improve further, we are getting ready for further new project launches in H2 and hope to see continued momentum in sales.“ 

KEY HIGHLIGHTS FOR Q2FY21

·         Launch of new affordable housing project at Palghar comprising 485 units

·         Achieved sales of Rs. 115 crores (0.16 msft) in residential business.

·         Attained collections of Rs. 134 crores in residential business.

·         Leased 8.1 acres for Rs. 21.3 crores in Integrated Cities and Industrial Clusters business.

·         Consolidated cost of debt stood at 7.35%; standalone cost of debt stood at 6.5%. 

Notes:

1.       Company uses carpet areas in its customer communication. However, the data in saleable area terms has been presented here to enable continuity of information to investors and shall not be construed to be of any relevance to home buyers / customers.

2.       The operational highlights include the performance of the Company and its subsidiaries / joint ventures / associates.

Corporate Comm India (CCI Newswire)