Realty firm Mahindra Lifespace Developers Ltd today reported 86 per cent rise in its consolidated net profit at Rs 26.9 crore for the first quarter of this fiscal.
Its net profit stood at Rs 14.49 crore in the year-ago period, the company said in a regulatory filing.
Total income rose to Rs 175.8 crore during April-June period of 2018-19 fiscal as against Rs 148.7 crore in the corresponding period of the previous fiscal.
Company's MD Anita Arjundas said: "This has been a transitionary quarter in terms of shifting to new standards that are based on completion of contracts and hence the financial numbers are not directly comparable with previous periods."
"Strong collections, the launch of 'Roots' at Kandivali and the multi-product SEZ at Jaipur are key milestones for the quarter. Multiple new projects that are targeted for launch during the year, will further strengthen operational throughput and performance," she said.
On operational front, the company achieved sales of 0.29 million sq ft of saleable area valued at Rs 145 crore. It attained a quarterly collection of Rs 218 crore - highest in the last four years.
Mahindra Lifespace delivered 364 units during the quarter.
The company has adopted IND AS 115 during the first quarter of this fiscal and has opted for the modified retrospective method.
"As a part of this adoption, the company has done a transitional adjustment of Rs 135.34 crore (net of deferred tax) to the opening retained earnings of the consolidated financials," the filing said.
The financials of the prior reporting periods have not been restated and hence, Q1, FY19 numbers are not comparable with previous reporting periods.
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