Mahindra Lifespace Developers Ltd.'s consolidated net profit rose 46.6% in the third quarter, beating analysts' estimates.
The real estate arm of the Mahindra Group posted a net profit of Rs 50 crore in the quarter ended December, according to an exchange filing on Friday. Analysts tracked by Bloomberg had projected a consensus estimate of Rs 2.3 crore.
Mahindra Lifespace Q3 Highlights (Consolidated, YoY)
Revenue down 56.1% at Rs 82 crore vs Rs 186.9 crore.
Ebitda loss widened to Rs 39 crore vs Ebitda loss of Rs 11.4 crore.
Net profit up 46.6% at Rs 50 crore vs Rs 34.1 crore.
On the operational side of the business, Mahindra Lifespace Developers registered a pre-sales growth of 76.5% at Rs 443 crore in its residential business. The company launched 0.62 million square feet of saleable area at Mahindra Citadel phase 2 in Pune and Happinest Palghar 2 phase 2.
However, collections declined 21.5% to Rs 386 crore in the residential business as compared with Rs 469 crore last year.
Shares of Mahindra Lifespace Developers rose 1.13%, as compared with a gain of 0.72% in the benchmark Nifty 50 on Friday.
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