Mahindra Lifespace Developers (MLDL) reported a significant increase in its net consolidated profit after tax, reaching Rs 71.48 crore for the quarter ended March 31, 2024. This marks a substantial growth from the Rs 54 lakh profit after tax recorded in the same quarter of the previous fiscal year, according to a BSE filing.
The company’s net consolidated total income, however, saw a decline of 79.80%, standing at Rs 54.60 crore, down from Rs 270.26 crore in the corresponding quarter last year.
Amit Sinha, managing director & CEO of MLDL, expressed optimism for the coming year, highlighting the company’s strong pipeline of deals and the closure of the year with over Rs. 4,400 crore of Gross Development Value (GDV) in their business development.
The board of directors has recommended a 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. They also achieved pre-sales of Rs 1,086 crore in the residential business, with collections amounting to Rs 412 crore in the residential segment.
In the financial year 2023-24, MLDL achieved a Gross Development Value (GDV) of over Rs. 4,400 crore by signing up acquisitions with 3.58 million sq ft of development potential. They achieved pre-sales of Rs 2,328 crore in the residential business, with collections at Rs 1,385 crore in the residential segment.
The consolidated total income stood at Rs 279.12 crore in FY24, compared to Rs 660 crore in FY23, registering a dip of 57.71%. The 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 in FY23.
The board also approved the re-appointment of Amrita Chowdhury as an independent director of the company for a second term of five consecutive years from August 13, 2024, up to August 12, 2029.
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