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Mahindra Lifespace FY21 results: Company reports net loss of Rs 72 crore

MUMBAI: Ltd (MLDL), the real estate and infrastructure development business of the Mahindra Group, has reported consolidated net loss of Rs 72 crore for the year ended March against Rs 193 crore a year ago.

Total income for the year declined to Rs 188 crore against Rs 646 crore. During the year, the company achieved sales of Rs 695 crores in residential business.

For the quarter ended March, consolidated net loss stood at Rs 27 crore as against Rs 11 crore in the previous quarter. Consolidated total income declined to Rs 58 crores as against Rs 70 crores, the company said in a release.

“The fourth quarter of FY21 has been a significant quarter with a sharp acceleration in both residential sales and land leasing at industrial parks. We have had two successful new project launches and have concluded two new land acquisitions. The resurgence of the pandemic towards the end of the quarter delayed a few project completion certificates, thereby impacting our financial performance for the quarter,” said Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers.

Despite the pandemic, according to him, the company has experienced strong demand for its projects and it remains optimistic about demand in FY22 as well.

The company achieved sales of Rs 346 crores by selling 0.52 million sq ft area in residential business during the quarter, while leased 27.8 acres for Rs 66 crore in Integrated Cities and Industrial Clusters business.

It launched 0.76 million sq ft across two new projects and a new phase in an existing project and attained collections of Rs 255 crores in residential business.

The company’s consolidated cost of debt stood at 7.05%, while standalone cost of debt stood at 5.9%.

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