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Real estate firm Mahindra Lifespace Developers’ sales orders rose 32 percent to Rs 399 crore during September quarter 2022-23 on better housing demand.
Its sales orders stood at Rs 303 crore in the year-ago period, according to an investor filing.
Mahindra Lifespace, part of the business conglomerate Mahindra Group, reported a more than two-fold increase in sales orders at Rs 1,001 crore for April-September 2022-23 from Rs 449 crore in the year-ago period.
The company achieved sales orders of Rs 1,028 crore in the housing segment in 2021-22.
Mahindra Lifespace has almost reached last year’s number in just six months and hence it expects significant growth in 2022-23.
The company does not provide annual sales guidance.
However, Mahindra Lifespace is targeting a 2.5-fold jump in annual sales orders at Rs 2,500 crore in next three years from Rs 1,028 crore in the last financial year.
Last week, the company – one of the leading real estate companies in the country – reported a consolidated net loss of Rs 7.7 crore for the September quarter due to higher expenses. Its net profit stood at Rs 6.5 crore in the year-ago period.
The total revenue was Rs 73.8 crore in September quarter against Rs 65.7 crore in the corresponding period of the previous year.
Total expenses increased to Rs 115 crore in July-September from Rs 54 crore in the year-ago period.
“In what is a seasonally weak quarter for residential real estate, Mahindra Lifespace garnered Rs 399 crore of pre-sales taking us to over Rs 1,000 crore of residential sales for the first half of the fiscal,” said Arvind Subramanian, Managing Director. and CEO of Mahindra Lifespace Developers.
He said the launch of the Mahindra Nestalgia project in Pimpri, Pune was well received, reaffirming the product and brand strengths and the depth of its sales franchise.
”Industrial leasing also maintained strong momentum, measuring Rs 68 crore. With a record first half behind us, and some exciting new launches in the pipeline, we are poised for a strong end to the year in line with our growth aspiration,” said Subramanian.
To grow housing, Mahindra Lifespace is looking to acquire plots of land through outright purchases and also form partnerships with landowners that can generate sales worth up to Rs 4,000 crore.
The company has 32.14 million square feet of completed, ongoing and upcoming residential projects across seven major cities in India. It also has over 5,000 acres of ongoing and upcoming projects under development/management at its integrated industrial parks across four locations.
(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)
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