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New Delhi: Mahindra Lifespace DevelopersThe real estate and infrastructure development business of the Mahindra Group has reported a net profit of only Rs 54 lakh during the quarter ended March 31, 2023. It had reported reduced profit after tax (PAT) of Rs 137.66 crore in the corresponding quarter of 2019. last year, the company said in a BSE filing.
The company’s total consolidated income for Q4FY23 stood at Rs 270.26 crore, a growth of 74.34 per cent over Rs 155.02 crore reported in the same quarter last year.
Arvind SubramanianThe company’s Managing Director & CEO said, “Our business has registered a record residential pre-sale of Rs 1,812 crore and industrial land worth Rs 456 crore. In the last thirteen months, we have also added Rs 4,050 crore to our gross development value residential land portfolio, including our first forays into community redevelopment, and continue to pursue a number of attractive acquisition opportunities that position the company well for growth.”
During the year ending March 31, 2023, after exercise of stock options by the eligible employees under ESOS, the paid-up equity share capital has increased by Rs 14.99 lakh on account of allotment of 1,49,921 shares, out of which 60,021 shares total 6 rupees in all. Lakhs were allocated during the quarter ending March 31, 2023.
During the year ending March 31, 2023, the parent company has received Rs 70.92 crore for reduction in capital of 17,000 class C equity shares from the joint venture company. Mahindra Homes (MHPL). The transaction is completed on December 28, 2022.
The board has recommended a dividend of Rs 2.3 per share on equity share of Rs 10 per share (23%).
The company said in a media release that it achieved sales of Rs 1,812 crore in the residential business during FY23, while collections stood at Rs 1,165 crore.
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