Mahindra Lifespace Developers soared 8.15% to Rs 613.50 after the real estate developer's consolidated net profit jumped 50.6% to Rs 50 crore in Q3 FY24 as against Rs 33.2 crore recorded in Q3 FY23.
However, revenue from operations tumbled 56.13% to Rs 81.99 crore in Q3 FY24 from Rs 186.90 crore posted in the corresponding quarter previous year.
Total income for the quarter ended December 2023 was at Rs 88.77 crore, down 55.2% over the same period last year.
Consolidated profit before tax stood at Rs 39.09 crore in the third quarter, registering a growth of 19.43% year on year.
Total expenses slipped 38.98% YoY to Rs 125.12 crore in Q3 FY24.
The company achieved quarterly pre-sales of Rs 443 crore and collections of Rs 386 crore in residential business.
Further, the realty firm has also achieved land leasing of 77.4 acres in the industrial business for Rs 224 crore during the quarter.
On 9M basis, the companys net profit tumbled 73.78% to Rs 26.82 crore on 43.69% declined in revenue to Rs 197.80 crore in 9M FY24 over 9M FY23. Collections at Rs 973 crore in residential business for 9M FY24.
Amit Sinha, MD & CEO of Mahindra Lifespace Developers, said, Our IC&IC business has demonstrated robust traction, delivering Rs 224 crore of leasing revenues in the current quarter. The surge in manufacturing activity has increased the demand for our industrial clusters and world cities. On the residential front, our pre-sales reached Rs 443 crore, driven by the successful launch of Mahindra Citadel Phase 2. We see a strong momentum in our business to capitalize on the favorable macro trends fueling the real estate sector.
Mahindra Lifespace Developers is the real estate and infrastructure development arm of the Mahindra Group. The company's development footprint spans 33.55 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.
The scrip hit an all-time high at Rs 620.40 in todays intraday session.
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