Mahindra Lifespace FY24 profit falls marginally to Rs 98 crore

Mahindra Lifespace Developers Ltd has reported a marginal decline in consolidated net profit to Rs 97.89 crore during the last fiscal year on lower income. Its net profit stood at Rs 101.43 crore in the preceding year.

According to a regulatory filing on Friday, the company’s total income fell to Rs 279.12 crore last fiscal from Rs 659.56 crore in 2022-23.

Mahindra Lifespace is the real estate and infrastructure development business of Mahindra Group.

During the fourth quarter of last fiscal, the company’s consolidated net profit surged to Rs 71.15 crore from just Rs 55 lakh in the year-ago period.

Total income declined to Rs 54.60 crore in the quarter as against Rs 270.26 crore in the year-ago period. Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers, said, “We closed FY24 with our highest ever annual sales driven by successful launches throughout the year.” Additionally, he said the company closed 2023-24 fiscal year with over Rs 4,400 crore of GDV (gross development value) in its business development. On operational front, Mahindra Lifespace achieved its highest ever pre-sales of Rs 2,328 crore (saleable area – 2.47 million square feet, RERA carpet area 1.84 million square feet) in residential business during the last fiscal year.

The company also achieved land leasing of 119.4 acres in the industrial business for Rs 370 crore.

Established in 1994, Mahindra Lifespace’s development footprint spans 37.33 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities.

It also has over 5,000 acre of ongoing and forthcoming projects under development / management at its integrated developments / industrial clusters across four locations.