Mahindra Lifespace Developers in demand after turnaround Q4 result

Mahindra Lifespace Developers gained 1.89% to Rs 376.75 after the real estate company reported net profit of Rs 136.82 crore in Q4 FY22 as against a net loss of Rs 27.2 crore in Q4 FY21.

April 28, 2022 2:07 IST | capital market
Consolidated net sales jumped 188% year on year to Rs 161.76 crore in quarter ended March 2022 as against Rs 55.99 crore posted in the same quarter in previous year. Profit before tax stood at Rs 77.95 crore in Q4 FY22 compared with pre-tax loss of Rs 33.62 crore registered in Q4 FY2021.

The realtor achieved sales of Rs 328 crore in residential business while collections in residential business stood at Rs 308 crore in Q4 FY22.

On full year basis, the company reported net profit of Rs 161.71 crore in FY22 as against a net loss of Rs 71.45 crore in the previous year. Net sales soared 136.7% year on year to Rs 393.55 in FY22 over FY21.

Commenting on the performance, Arvind Subramanian, managing director & CEO of Mahindra Lifespace Developers said, Our residential pre-sales grew by almost 50% to Rs 1028 crore while our industrial leasing has grown by 130% to Rs. 298 crore. Three land acquisitions with a development potential of 3.08 mn square feet and an estimated gross development value of around Rs 3800 crore have set us up well for the coming years.

Meanwhile, the board recommended dividend of Rs 2 per share for the financial year ended on 31 March 2022.

Mahindra Lifespace Developers (MLDL), a wholly owned subsidiary of Mahindra & Mahindra is one of the leading real estate development companies in India. The company is engaged in the development of residential projects and large formats developments such as integrated cities and industrial clusters.

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