Mahindra Lifespace Developers (MLDL) the real estate and infrastructure development business of the Mahindra Group, has reported net consolidated loss after tax of Rs 13.99 crore during the quarter ended September 30, 2024. It had registered loss after tax of Rs 29.76 crore in the corresponding quarter of the previous fiscal, the company said in a BSE filing.
The company’s net consolidated total income stood at Rs 15.96 crore in Q2 FY25, a dip of 37.90 per cent from Rs 25.70 crore it recorded in the similar quarter last year.
Amit Kumar Sinha, managing director & CEO of the company said, “We had a strong H1 FY25 performance driven by our project launches in earlier months, though the quarter was little muted. The real estate industry is witnessing strong tailwinds especially in the mid-premium and premium segments.”As on September 30, 2024, its net worth stood at Rs 1,831.99 crore, debt-equity ratio was 0.51, current liability ratio was 0.82, total debts to total assets was 0.17, operating margin was (626.94%) and net profit margin was (184.10%).
It achieved pre-sales of Rs 397 crore and collections of Rs 459 crore in Q2 FY25.
The company recently executed a securities purchase agreement (SPA) with existing shareholders of Ample Parks MMR (APMPL) for acquisition of equity shares resulting in the company holding 26% of the total equity holding of APMPL and shareholders agreement (SHA) with APMPL and Omega Warehouse Holdings 2 (Omega), an affiliate of Actis.
Pursuant to definitive agreements, the company agreed for a total investment commitment of Rs 20.05 crore over a period of three years. The total investment commitment is upto Rs 77.10 crore.
In accordance with the SPA, it will initially acquire 5,200 equity shares having face value of Rs 10 each resulting in the company holding 26% of the total equity shareholding of APMPL and balance 74% of the total equity shareholding of APMPL will be held by Omega.
Further investment in the form of equity and/or other securities in APMPL will be undertaken in the ratio of 26:74 wherein 26% will be held by the company and balance by Omega.
