Mahindra Lifespaces posts net profit of Rs 71.48 crore in Q4 FY24

NEW DELHI: Mahindra Lifespace Developers (MLDL) has reported net consolidated profit after tax stood of Rs 71.48 crore during the quarter ended March 31, 2024. It registered profit after tax of Rs 54 lakh in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company's net consolidated total income stood at Rs 54.60 crore, a dip of 79.80 per cent from Rs 270.26 crore it recorded in the similar quarter last year.

Amit Sinha, managing director & CEO of the company said, "We closed the year with over Rs. 4,400 crore of GDV in our business development and are optimistic for the coming year given our strong pipeline of deals."

The board of directors has recommended final dividend of Rs 2.65 (i.e. 26.5% on the face value) per share on the equity shares of Rs 10 each for the financial year ended on March 31, 2024.

During the quarter, the company acquired 9.4 acres of land in Whitefield, Bengaluru with a development potential of more than 1.20 million sq ft, achieved pre-sales of Rs 1,086 crore in residential business, collections were at Rs 412 crore in the residential business.

In the financial year 2023-24, the company achieved gross development value (GDV) of over Rs. 4,400 crore, by signing up acquisitions with 3.58 million sq ft of development potential, achieved pre-sales of Rs 2,328 crore in residential business and collections were at Rs 1,385 crore in the residential business.

The consolidated total income stood at Rs 279.12 crore in FY24 as against Rs 660 crore in FY23, registering a dip of 57.71%. Its consolidated net profit after tax was Rs 54.29 crore in the financial year ended March 31, 2024, a drop of 48.62% from Rs 105.66 crore it recorded in FY23.

The board also approved re-appointment of Amrita Chowdhury, as independent director of the company for a second term of five consecutive years from August 13, 2024 up to August 12, 2029.