Mahindra Lifespaces’ Q1 FY16 Consolidated Total Income at Rs. 188 Cr with PAT ofRs.25 cr

Mumbai, August 08, 2015: Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, announced its audited financial results for the quarter ended 30^th June 2015 today.

CONSOLIDATED FINANCIAL PERFORMANCE

• The Consolidated Total Income for Q1 FY16 is at Rs. 188 crores compared to Rs. 437 crores in Q1 FY15

• The Consolidated PAT for Q1 FY16, pre minority interest, is at Rs. 25 crores in Q1 FY16 compared to Rs. 184 crores in Q1 FY15

• Q1 FY15 performance includes the impact of sale of property in Byculla, Mumbai wherein the company had development rights on part of the property

• The Consolidated Total Income for Q1 FY16 excluding the impact of sale of property in Byculla, Mumbai grew by 11% and the Consolidated PAT for Q1 FY16, pre-minority interest grew by 28%

Commenting on the performance, Anita Arjundas, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said,“ The first quarter has seen many strategic initiatives achieving fruition. Our entry into the Bengaluru residential market, the announcement of our joint venture in the World City business with Sumitomo Corporation and the establishment of our first international office in Dubai are all important aspects of our growth strategy.”

JayanttManmadkar , Chief Financial Officer, Mahindra Lifespace Developers Ltd. said, “ Q1 FY16 performance witnessed a growth of 11% in consolidated total income and 28% in consolidated PAT pre-minority interest after excluding the impact of the Byculla transaction from the previous year corresponding period driven by better execution and sales. ”

BUSINESS HIGHLIGHTS FOR Q1FY16

Residential (Premium Residential + Affordable)

· Entered the Bengaluru market with the launch ofWindchimes Phase IatBannerghatta Road

· Commenced handovers at Bloomdale Phase IA

· Achieved revenue recognition at Boisar Phase I

· Opened first International sales office in Dubai

Integrated Business Cities:

· Signed a Joint Venture agreement with Sumitomo Corporation for the North Chennai industrial park project

· Signed 2 new customers at Mahindra World City, Jaipur

· 1 customer procured additional space for expansion at Mahindra World City, Jaipur

AWARDS AND RECOGNITION FOR Q1 FY15

· MWC Jaipur became the first project in Asia to receive Stage 2 Climate Positive Development certification from C40 Cities Climate Leadership Group.

· Mahindra Splendour in Mumbairated “Platinum” on completion by Indian Green Building Council (IGBC).

· MLDL rated as one of the Top 5 Great Places to Work in the real estate industry by the Great Places to Work Institute.
CCI Newswire