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The Mahindra Group's real estate and infrastructure development company, Mahindra Lifespace Developers posted a combined net profit for the quarter ending March 31, 2023, of just Rs 54 lakh. The company reported in a BSE filing that it had recorded a profit after tax (PAT) of Rs 137.66 crore in the previous year's similar quarter.
“Our company has a record of Rs 1,812 crore in residential pre-sales and Rs 456 crore in industrial land. We have also added Rs 4,050 crore in gross development value to our residential land portfolio over the last thirteen months, including our first ventures into society rehabilitation, and we continue to pursue several attractive acquisition opportunities that will position the business for future growth,” stated CEO and managing director of the business, Arvind Subramanian.
The paid up equity share capital increased by Rs 14.99 lakh during the year ended March 31, 2023 as a result of eligible employees exercising their stock options under ESOS. 1,49,921 shares were allotted out of which 60,021 shares totalling Rs 6 lakhs were distributed during the quarter ended March 31, 2023.
The joint venture business, Mahindra Homes (MHPL) has paid the parent company Rs. 70.92 crores as compensation for the capital reduction of 17,000 Class C equity shares. The board of directors has proposed a dividend of Rs 2.3 per share on equity shares worth Rs 10 each (23%). According to a press statement from the company, it made 1,812 crore rupees in sales and 1,165 crore rupees in collections from the residential business during FY23.
Mahindra Lifespace Developers is a real estate and infrastructure development company based in India. Founded in 1994, the company has a pan-India presence with projects across various segments such as residential, commercial, industrial, and hospitality. Mahindra Lifespaces is known for its sustainable and eco-friendly development practices and has received various accolades for its projects.
Mahindra Lifespaces has also ventured into affordable housing and has collaborated with the government on various affordable housing initiatives. With a strong commitment to sustainability and innovation, Mahindra Lifespaces is poised to continue its growth in the real estate sector.
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