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Net income for Mahindra Lifespaces increased by 37.17% in Q3 FY23

The Mahindra Group's real estate and infrastructure development company, Mahindra Lifespace Developers has stated that its net consolidated profit increased by 37.17% in the quarter ending December 31, 2022. The company said in a BSE filing that its profit after tax (PAT) increased to Rs 34.10 crore in Q3FY23 from Rs 24.86 crore the prior year's similar quarter.

The company's net consolidated income for Q3FY23 was Rs 198.14 crore, up by 494.66% from Rs 33.32 crore it reported in the same quarter last year. The company generated revenues of Rs 1,452 crore with a saleable area of over 1.73 million square feet in the residential business during the first nine months of FY23. The amount it brought in at that time was Rs 861 crore. 

In an interview captured by ET Realty, CEO and managing director of the business, Arvind Subramanian stated, "Residential presales remained robust in the third quarter at Rs 451 crore bringing the nine-month period to Rs 1,452 crore. The increase in manufacturing investments in the nation is highlighted by our industrial leasing which totalled Rs 255 crore over nine months and Rs 69 crore for the quarter.”

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