Mahindra Lifespace Developers Net Profit Tanks 63% At Rs 15 Cr For Q2FY20

New Delhi: Realty firm Mahindra Lifespace Developers net profit declined by a whopping 63 percent for the second quarter at Rs 15.04 crore as compared to Rs 40.34 crore in the corresponding quarter of the previous fiscal. 

Company’s total income for the second quarter jumped more than three times to Rs 329.84 crore as against Rs 93.87 crore in the same quarter of previous fiscal.

"Focus on operational throughput has resulted in continued strong collection and completions during the quarter," said Sangeeta Prasad, Managing Director and CEO of Mahindra Lifespace Developers in a statement. 

The company is building up a pipeline of projects after due consideration of the present realties of the industry.  

"Its the time for trusted developers like us to reinforce our position with customers. The company is gearing up for launches across geographies and an uptick in institutional sales in H2, in addition to its focus on collections and completions," she said.

During the quarter, the sales of the company during the latest quarter stood at Rs 106 crore or nearly 1.9 lakh sq ft in its residential business. It completed 2.8 lakh sq ft of development at its Vivante project in Mumbai and in Bloomdale project in Nagpur. Its collections stood at Rs 258 crore in residential business durin g the quarter.

Mahindra Lifespace leased about 7.3 acres for Rs 18.3 crore in the integrated cities and industrial clusters business.