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    Mahindra Lifespace Developers Q3 Results: Net profit soars 51% YoY to Rs 50 crore

    Synopsis

    The consolidated total income for the quarter declined 55% from a year ago to Rs 89 crore. It achieved pre-sales of Rs 443 crore through 0.53 million sq ft saleable area in the residential business. Collections stood at Rs 386 crore in the residential business.

    Mahindra Lifespace Developers Q3 Results: Net profit soars 51% YoY to Rs 50 croreAgencies
    Mahindra Lifespace Developers, the real estate and infrastructure development business of the Mahindra Group, has reported a 51% on-year rise in consolidated net profit to Rs 50 crore for the quarter ended December.

    The consolidated total income for the quarter declined 55% from a year ago to Rs 89 crore. It achieved pre-sales of Rs 443 crore through 0.53 million sq ft saleable area in the residential business. Collections stood at Rs 386 crore in the residential business.

    “The surge in manufacturing activity has increased the demand for our industrial clusters and world cities. On the residential front, our pre-sales reached Rs. 443 crores, driven by the successful launch of Mahindra Citadel Phase 2. We see strong momentum in our business to capitalize on the favourable macro trends fueling the real estate sector,” said Amit Sinha, MD & CEO, Mahindra Lifespace Developers.

    During the quarter, the developer acquired 5.38 acres of land in Pune’s Wagholi area with a development potential of more than 1.50 million sq ft of saleable area. In industrial business, the developer leased 77.4-acre land for Rs 224 crore.


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