videos | IST

Mahindra Lifespace Q4 net profit more than doubles on back of residential pre-sales

Mini

Realty firm Mahindra Lifespace Developers Ltd on Wednesday reported a consolidated net profit of Rs 154.5 crore for the last fiscal. It had posted a net loss of Rs 71.7 crore in the preceding fiscal.

wealth-desk wealth-desk

Buy / Sell Mahindra Life share

Realty firm Mahindra Lifespace Developers Ltd on Wednesday reported a consolidated net profit of Rs 154.5 crore for the last fiscal. It had posted a net loss of Rs 71.7 crore in the preceding fiscal.
Its consolidated total income stood at Rs 408.2 crore in the last fiscal against Rs 187.8 crore FY21, according to a regulatory filing.
Arvind Subramanian, Managing Director and CEO, Mahindra Lifespace Developers Ltd, said, "FY22 has been a year of strong growth. Our residential pre-sales grew by almost 50 per cent to Rs 1,028 crore while our industrial leasing has grown by 130 per cent to Rs 298 crore".
Three land acquisitions with a development potential of 3.08 million square feet and an estimated gross development value of around Rs 3,800 crore have set the company well for the coming years, he added. "We expect to build on this momentum and remain confident of achieving strong business performance over the coming quarters," Subramanian said.
Talking about revenues, in an interview with CNBC-TV18, he said, “By FY25, we would want to be at Rs 2,500 crore. So this is a steady uphill climb from Rs 1,000 crore to Rs 2,500 crore in the next three years that we are embarking on.”
(With inputs from PTI)
Watch the accompanying video for more details
next story

Market Movers

Currency

CompanyPriceChng%Chng