Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development business of the Mahindra Group, has reported net consolidated loss after tax of Rs 4.27 crore during the quarter ended June 30, 2023. It had recorded net consolidated profit after tax of Rs 75.70 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 110.05 crore in Q1 FY24, a dip of 6.21 per cent from Rs 117.34 crore it recorded in the similar quarter last year.
Amit Sinha, managing director & CEO of the company said, “Our residential business has delivered a pre-sales of Rs 345 crore. We are gearing up for a 5X growth in our business over the next five years.”
The company achieved quarterly sales of Rs 345 crore (saleable area – 0.42 million sq ft) in residential business while collections stood at Rs 276 crore in residential business in Q1 FY24.
During the quarter ended June 30, 2023, pursuant to exercise of stock options by eligible employees under ESOS, the paid up equity share capital has gone up by Rs 26.18 lakhs due to allotment of 2,61,822 shares.