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April 27, 2024

Mahindra Lifespace FY24 Results: Profits Dip, Yet Sales Hit Record High at Rs 2,328 Crore

Mahindra Lifespace Developers Ltd has reported a slight decline in consolidated net profit to Rs 97.89 crore during the last fiscal year, attributed to lower income. This is down from Rs 101.43 crore in the preceding year. The company’s total income fell to Rs 279.12 crore in FY24 from Rs 659.56 crore in 2022-23, according to a regulatory filing on Friday.

Mahindra Lifespace, the real estate and infrastructure development business of Mahindra Group, saw a surge in consolidated net profit during the fourth quarter of FY24, reaching Rs 71.15 crore from just Rs 55 lakh in the year-ago period. However, total income declined to Rs 54.60 crore in the quarter, compared to Rs 270.26 crore in the year-ago period.

Amit Sinha, Managing Director & CEO of Mahindra Lifespace Developers, commented, “We closed FY24 with our highest ever annual sales driven by successful launches throughout the year.” He added that the company concluded the fiscal year with over Rs 4,400 crore of GDV (gross development value) in its business development.

On the operational front, Mahindra Lifespace achieved its highest ever pre-sales of Rs 2,328 crore (saleable area – 2.47 million square feet, RERA carpet area 1.84 million square feet) in the residential business during the last fiscal year. Additionally, the company secured land leasing of 119.4 acres in the industrial business for Rs 370 crore.

Established in 1994, Mahindra Lifespace’s development footprint spans 37.33 million square feet of completed, ongoing, and forthcoming residential projects across seven Indian cities. It also has over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.

Jhumpa Lahiri

Jhumpa Lahiri

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