Mahindra Lifespace Developers Q2 net down 35%

MUMBAI: Realty developer Mahindra Lifespace Developers has reported 35% year-on-year drop in consolidated net profit at Rs 15 crore for the quarter ended September. Total income for the quarter declined 8% to Rs 177 crore, the company said in its earnings release.

“Residential sales have shown good year-on-year growth during the quarter. In the industrial leasing space, the quarter was muted at both the World Cities with decision making cycles becoming longer. We are hopeful that improving economic indicators and a strong recovery in commercial space absorption will drive job creation and improve demand in the coming quarters,” said Anita Arjundas, Managing Director & CEO, Mahindra Lifespace Developers.

Over the last 4 quarters, the company has launched five residential projects with a total saleable area of 3.38 million sq ft.

The residential real estate market has seen sluggish demand for a while now, resulting in high inventory levels across most markets. The current market demand is dominated by end consumers with a clear preference for quality developers having a credible track record of execution, the company said.