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Mahindra Lifespace Developers (MLDL), the esteemed real estate and infrastructure development arm of the prestigious Mahindra Group, recently unveiled its financial report for the quarter ended June 30, 2023. Amidst the unexpected net consolidated loss of Rs 4.27 crore after tax, it's crucial to acknowledge the company's relentless spirit in confronting challenges and forging ahead on its transformative journey. Undeterred by the momentary setback, MLDL remains steadfast in its commitment to progress. Notwithstanding a marginal 6.21 percent dip in net consolidated total income, which reached Rs 110.05 crore in Q1 FY24, the company's unwavering spirit propels its visionary pursuit.
Amit Sinha, the dynamic managing director and CEO, articulates a bold vision for the future. He states that their residential business has achieved remarkable pre-sales of Rs 345 crore, paving the way for an ambitious 5X growth in the next five years. Such visionary leadership fortifies MLDL's standing in the industry. The company's accomplishments stand testament to its ability to overcome challenges and deliver exceptional results.
In Q1 FY24, MLDL achieved sales of Rs 345 crore in the residential segment, covering an area of 0.42 million sq. ft, while collections reached an impressive Rs 276 crore. Sinha also reported that the company made significant progress on its Thane land, benefiting from the new Integrated IT Townships policy, which provided a higher FSI (floor space index) and a favourable residential sales mix.
In addition, MLDL demonstrates its commitment to empowering employees through the exercise of stock options under ESOS, resulting in the allotment of 2,61,822 shares and a surge in the paid-up equity share capital by Rs 26.18 lakhs. Across seven Indian cities, the company boasts a portfolio of 34.46 million square feet of completed, ongoing, and forthcoming residential projects. Furthermore, the company is diligently overseeing projects spanning more than 5,000 acres at integrated developments and industrial clusters across four strategic locations. The unwavering dedication of the workforce, coupled with visionary guidance, has been a driving force behind these commendable achievements.
MLDL, a prestigious real estate and infrastructure development firm, is based in Mumbai, India. Founded in 1994, it is a part of the renowned Mahindra Group. The company's name has been changed to MLDL, IGBC Green Homes Precertified Platinum, from Mahindra Gesco Developers Limited. Distinguished as one of India's leading real estate developers, Mahindra Lifespaces operates in three diverse business lines: Residential Projects under the Mahindra LIFESPACES brand, Affordable Housing Projects under the Happinest brand, and Sustainability 2.0, exemplifying their vision of creating future-focused, environmentally and socially resilient spaces.
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