Mahindra Lifespace profit down 34.5% at Rs 31 crore

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New Delhi | Published: April 23, 2019 3:51:23 AM

Mahindra Lifespace Developers (MLDL) on Monday reported a consolidated profit of Rs 31.3 crore for three months ended March 2019, down by 34.5% year-on-year.

mahindra lifespace, real estate sector, real estate industryDespite incurring a loss in the fourth quarter of FY19, the mid-premium and affordable house developer recorded sales of Rs 407 crore and sold 0.65 million sq ft in the residential business, up by 112% as compared to Rs 163 crore of sales during Q4 FY18.

Mahindra Lifespace Developers (MLDL) on Monday reported a consolidated profit of Rs 31.3 crore for three months ended March 2019, down by 34.5% year-on-year. However, the consolidated revenue stood at Rs 246.9 crore, an increase of 36.71% y-o-y as compared to Rs 180.6 crore during Q4 FY18.

While the total income of the company increased by 36.71% y-o-y, at Rs 246.9 crore during Q4 FY19, the total expenses increased by around 43% y-o-y, as recorded in the financial statement.
The earnings before interest, tax, depreciation, and amortisation (Ebitda) fell by 48.9% y-o-y, from Rs 75 crore in Q4 FY18 and the ebitda margin also fell by almost 2,600 basis points y-o-y for the quarter under review.

For the financial year 2019, the real estate firm posted the consolidated income of Rs 654 crore as against Rs 644 crore in FY18. The consolidated profit after tax (PAT) increased by `19 crore in FY19 and stood at rs 120 crore, whereas the operating profit fell by Rs 20 crore in FY19, at Rs 160 crore.

Despite incurring a loss in the fourth quarter of FY19, the mid-premium and affordable house developer recorded sales of Rs 407 crore and sold 0.65 million sq ft in the residential business, up by 112% as compared to Rs 163 crore of sales during Q4 FY18. Overall, the firm attained collection of Rs 301 crore from all residential projects. Under new launches during the quarter, Centralis, a mid-premium housing project in Pimpri, Pune was launched with 0.34 million sq ft, of which 88% units were sold in the month of launch itself. One million sq ft of development was completed across six projects, as the release mentioned. A land parcel of 6.92 acre was also purchased in Pune in February 2019 with development potential of 0.68 million sq ft under the mid-premium segment.

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Commenting on the performance, Sangeeta Prasad, MD & CEO, said: “ We look forward to continuing the performance momentum with impactful launches, both in residential as well as industrial parts of our business, coupled with effective land buying. Stable and transparent regulations will be an important enabler in this journey.”

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