Mahindra Lifespace Developers reported consolidated net profit at Rs. 32 crore for the quarter ended September 30, 2016 as against Rs17 crore in Q1FY17.
The consolidated total income for Q2FY17 is Rs.145 crore as compared to Rs. 116 crore in Q1 FY17.
The Consolidated Total Income for H1 FY17 is Rs. 260 crores compared to Rs. 302 crores in H1 FY16
The Consolidated PAT, post minority interest, for H1 FY17 is Rs. 50 crores compared to Rs. 19 crores in H1 FY16.
The company announced that the Board has approved raising of funds by way of issue of equity shares to the existing shareholders of the Company on a rights basis (Rights Issue) upto Rs.3000,000,000/- , subject to all applicable statutory and regulatory approvals. The Committee of Directors has been authorised to determine the terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the issue and other matters which shall be decided in consultation with the Lead Manager(s) to the Rights Issue.
“Residential sales and execution maintained an even tempo in Q2 FY17. This, supported by a significant improvement in industrial land leases, has resulted in a stronger profit performance by the company,” company’s MD & CEO Anita Arjundas said.
BUSINESS HIGHLIGHTS FOR Q2FY17
The operating highlights for Q2 FY17 for the Company and its subsidiaries /joint ventures /associates engaged in the real estate business are given below:
Residential (Premium Residential + Affordable Housing)
Recorded sales of 206 units worth Rs. 168 crores
Launched subsequent phase at Bloomdale, Nagpur with a saleable area of 0.02mnsqm (0.18mnsft)
Achieved revenue recognition at Antheia Phase IIIA, HappinestBoisar Phase III, Nova Phase IIB and Windchimes Phase I – Tower I
Delivered more than 1200 homes to customers in H1 FY17
Integrated Business Cities
The company signed 1 new customer in MWCJaipur; 1 customer acquired additional space for expansion at MWC Jaipur in Q2 FY17