Mahindra Lifespaces profit up by 20% in Q2 FY18
<p style="text-align: justify;">Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development business of the Mahindra Group, has reported an increase of 20% in its net profit during the quarter ending September. Its profit after tax (PAT) increased from Rs 10.66 crore in Q1 F
Published -
Oct 31, 2017 4:40 AM
Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development business of the Mahindra Group, has reported an increase of 20% in its net profit during the quarter ending September. Its profit after tax (PAT) increased from Rs 10.66 crore in Q1 FY18 to Rs 12.79 crore in Q2 FY18. Company’s revenue from operations on the other hand dipped by 30% during the same period and stood at Rs 75.76 crore. “The quarter has been impacted by the discontinuity created around marketing efforts due to lead time in RERA registrations and the impact on price in ongoing projects under GST transition. We have focused on building partnerships that will help fuel growth in a capital efficient manner. We continue to look for meaningful opportunities to scale up our businesses," said Anita Arjundas, managing director, Mahindra Lifespace Developers. During the quarter, the company entered into a strategic partnership with International Finance Corporation (IFC) for investments in its integrated cities and industrial clusters business with an investment commitment of up to $50 million by IFC. Earlier this month, the company had also announced the creation of a strategic platform with HDFC Capital Affordable Real Estate Fund – 1 (HDFC Capital) to expand its footprint of affordable housing. The investment commitment by both partners, together, is Rs 500 crore. NCLT had recently approved merger of Topical Builders, Kismat Developers and Raigad Business Park with Mahindra World City, wholly owned subsidiary of the company. “The merger will be effective on filing the certified copy of the order with Registrar of Companies (ROC),” the company said in a BSE filing.
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