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Consolidated net sales jumped 1.8 times to Rs 161.76 crore in quarter ended March 2022 as against Rs 55.99 crore posted in the same quarter in previous year. Pre-tax profit stood at Rs 77.95 crore in Q4 FY2022 compared with pre-tax loss of Rs 33.62 crore in Q4 FY2021. The company's consolidated cost of debt stood at 6.5%.
On full year basis, the company reported net profit of Rs 161.71 crore in FY22 as against a net loss of Rs 71.45 crore in the previous year. Net Sales rose 136.7% year on year to Rs 393.55 in FY22.
In Q4 FY22, the company signed a binding agreement to acquire land of 9.2 acres in Kandivali from M&M, having development potential of around 1.7 msft with estimated gross domestic value of Rs 2,400 crore. The company has also launched new value homes project at Kalyan, Mahindra Happinest Kalyan 2 and further phases across Alcove and Vicino with saleable area of 0.96 msft.
Commenting on the performance, Arvind Subramanian, managing director & CEO, Mahindra Lifespace Developers, said, " Our residential pre-sales grew by almost 50% to Rs 1028 crore while our industrial leasing has grown by 130% to Rs. 298 crore. Three land acquisitions with a development potential of 3.08 mn square feet and an estimated gross development value of around Rs 3800 crore have set us up well for the coming years."
Meanwhile, the board recommended dividend of Rs.2 per share for the financial year ended on 31 March 2022. The dividend on equity shares, if declared at the ensuing annual general meeting (“AGM”), will be credited/ dispatched within five working days from the date of AGM.
Mahindra Lifespace Developers (MLDL) is one of the leading real estate development companies in India. Mahindra Lifespace Developers (MLDL), a wholly owned subsidiary of Mahindra & Mahindra. Mahindra Lifespace Developers is engaged in the development of residential projects and large formats developments such as integrated cities and industrial clusters.
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