Mahindra Lifespace sees 2.5 times increase in demand over the next 3 years

5 Sep 2022 , 09:50 AM

On the strength of improved home demand, real estate developer Mahindra Lifespace Developers Ltd. plans a 2.5-fold increase in annual sales reservations to Rs2,500 crore over the next three years, according to MD and CEO Arvind Subramanian.

Mahindra Lifespace, a company situated in Mumbai, had revenue bookings of Rs1,028 crore during the previous fiscal year. We have begun the first quarter with an incredibly excellent performance on all fronts, the company’s Managing Director (MD) and Chief Executive Officer (CEO) Arvind Subramanian said in an interview with PTI.

In comparison to Rs1,000 crore for the entire prior year, the business recorded Rs600 crore in residential sales during the April—June quarter of the 2022—23 fiscal year, he noted. Approximately Rs270 crore in robust consumer collections, while Rs118 crore in industrial leasing was received in the June quarter.

When asked about the sales bookings objective for FY23, Subramanian said that although the firm does not provide yearly guidance, there would be a big increase over the last fiscal year. He stated that the goal was to increase sales bookings from Rs1,000 crore in 2021—22 to Rs2,500 crore in the fiscal year 2024—25.

Due to the successful launches of two home projects, the business had sales bookings of Rs 600 crore in the first quarter of the current fiscal year, but it does not anticipate consistently strong results. In the first quarter of the 2018 fiscal year, Mahindra Lifespace Developers declared a combined net profit of Rs75.70 crore. At the same time last year, the firm reported a net loss of Rs14.04 crore. The overall income decreased from Rs 154.20 crore in the same quarter last year to Rs117.34 crore in the April-June fiscal 2022—23.

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