Mahindra Lifespace Developers’ net loss narrows to Rs 28 cr for Q4FY21
New Delhi: Mumbai-based Mahindra Lifespace Developers’ consolidated net loss narrowed to Rs 28 crore for the fourth quarter of the previous fiscal as compared to Rs 225 crore in the same quarter of the previous fiscal.
Company's consolidated net income dropped to nearly half at Rs 58 crore for the fourth quarter of the previous fiscal as compared to Rs 111 crore in the same quarter of the previous fiscal, the company said in a BSE filing.
"The resurgence of the pandemic towards the end of the quarter delayed a few project completion certificates, thereby impacting our financial performance for the quarter. Despite the pandemic, however, we have experienced strong demand for our projects and we remain optimistic about demand in FY22 as well," said Arvind Subramanian, managing director & CEO of the company.
For the whole of last financial year, the company posted a net loss of Rs 71 crore as compared to net loss of Rs 195 crore in the previous fiscal. The total income of the company dropped to Rs 188 crore in the last fiscal from Rs 646 crore in 2019-20.