Mahindra Lifespace Developers, the real estate and infrastructure development business of the Mahindra Group, has reported consolidated net profit of just Rs 54 lakh during the quarter ended March 31, 2023. It had recroded profit after tax (PAT) of Rs 137.66 crore in the corresponding quarter of the previous year, the company said in a BSE filing.
The company’s total consolidated income stood at Rs 270.26 crore in Q4 FY23, a growth of 74.34 per cent from Rs 155.02 crore it recorded in the similar quarter last year.
Arvind Subramanian, managing director & CEO of the company said, “Our business clocked record residential pre-sales of Rs 1,812 crore and industrial land of Rs 456 crore. Over the past thirteen months, we have also added Rs 4,050 crore o gross development value to our residential land portfolio, including our first forays into society redevelopment, and continue to pursue several attractive acquisition opportunities that set the company up well for growth.”
During the year ended March 31, 2023, pursuant to exercise of stock options by eligible employees under ESOS, the paid up equity share capital has gone up by Rs 14.99 lakh due to allotment of 1,49,921 shares, of which 60,021 shares aggregrating Rs 6 lakhs were allotted during quarter ended March 31, 2023.
During the year ended March 31, 2023, the parent company has received Rs 70.92 crore as a consideration for capital reduction of 17,000 Class C equity shares from Joint Venture Company viz Mahindra Homes (MHPL). The transaction was completed on December 28. 2022.
The board has recommended a dividend of Rs 2.3 per share on equity share of Rs 10 each (23%).
It achieved sales of Rs 1,812 crore in residential business during FY23 while collections stood at Rs 1,165 crore, the company said in a media release.