Mahindra Lifespaces posts net profit of Rs 13 crore in Q2 FY22

 Mahindra Lifespace Developers has reported a consolidated net profit of Rs 13.23 crore for the quarter ended September 2021. The company had posted a net loss of Rs 13.48 crore in the corresponding quarter previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 65.70 crore in Q2 FY22, a growth of 75 per cent from Rs 37.42 crore it registered in the similar quarter last year.

Arvind Subramanian, managing director & CEO of the company said, “We have seen encouraging demand growth in both our residential and industrial parks businesses in Q2 FY22. Further, project execution has gained pace. We have multiple launches lined up in H2 FY22 across our priority markets and are hoping for a strong operational performance through the second half of the year.”

The company achieved a sales of Rs 303 crore in residential business. Consolidated cost of debt stood at 6.7% while standalone cost of debt stood at 5.7%, it said in a media release.

According to its investor presentation, the company has market capitalisation of Rs 4,258 crore as of September 30, 2021.

The board of directors approved issue and allotment of 8,300 new fully paid-up equity shares of Rs 10 each. Pursuant to this allotment, the issued equity capital of the company has increased from Rs 154,33,47,030 to Rs 154,34,30,030 and subscribed & paid-up equity capital of the company has increased from Rs 154,18,15,140 to Rs 154,18,98,140, the company said in the regulatory filing.