New Delhi: Mahindra Lifespace Developers Ltd suffered a consolidated net loss of Rs 224.69 crore for the fourth quarter of the 2019-20 fiscal against a net profit of Rs 32 crore in the same quarter of the previous fiscal. The consolidated revenue from operations declined by a massive 57 percent to Rs 101.42 crore in the fourth quarter of 2019-20 fiscal as compared to Rs 234.27 crore in the corresponding quarter of the previous fiscal.
The consolidated net loss of the company for the entire fiscal 2019-20 stood at Rs 193.82 crore as compared to Rs 117.90 crore in the previous fiscal. The revenue from operations for the entire 2019-20 fiscal rose marginally to Rs 610.94 crore as compared to Rs 592.83 crore in the previous financial year, the company said in a regulatory filing.
For the fiscal 2019-20, the company had to witness “significant” cancellations of bookings done earlier by customers, the company said in a statement.
Mahindra Homes Pvt Ltd (MHPL) is a joint venture entity of Mahindra Lifespace Developers Ltd and is engaged in development of housing projects in Delhi NCR and Bengaluru. MHPL has valued its balance real estate inventory as per its accounting policies. Mahinfra Lifespace Developers has in turn, based on the estimates of Net Present Value of the projected cash flows, made a provision for impairment of its equity value in MHPL. This impact of impairment is Rs 135 crore on a consolidated basis. This is in addition to an amount of Rs 64 crore as ‘Share of Loss’ from the MHPL joint venture.
These provisions have been made for prudence in the wake of the uncertain real estate market conditions.
For the entire fiscal 2019-20, Mahindra Lifesapce Developers recorded sales of Rs 818 crore for 1.41 million square feet of residential business. It also saw completion of 1.07 million square feet. It had collections of Rs 930 crore in residential business. The company delivered about 1,222 homes to buyers. It was alos successful in leasing 40 acres for Rs 104 crore in its Integrated Cities and Industrial Clusters business.