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Mahindra Lifespace Developers Limited Announces Q1 2024 Financial Results

Mumbai, July 24, 2024 — Mahindra Lifespace Developers Limited (MLDL) has reported its unaudited financial results for the first quarter ended June 30, 2024. The results were approved during a Board of Directors meeting held on July 24, 2024, which commenced at 11:30 AM and concluded at 1:55 PM. The company has also announced the allotment of shares under its ESOS-2012 scheme.

Key Highlights

Financial Performance:

• Revenue from Operations: The company reported a total income of Rs. 20,153 lakhs for Q1 2024.
• Net Loss: The net loss for the quarter stood at Rs. 2,375 lakhs.

Board Meeting Outcomes:

Approval of Financial Results:

• The Board approved the unaudited standalone and consolidated financial results for the first quarter ended June 30, 2024.
• The financial results and the limited review report by Deloitte Haskins & Sells LLP will be available on the company's official website and the websites of BSE and NSE.

Allotment of Shares:

• The Board approved the allotment of 6,400 new fully paid-up equity shares of Rs. 10/- each to eligible employees under the Employee Stock Options Scheme 2012 (ESOS-2012).
• Following this allotment, the issued equity capital of the company has increased to Rs. 155,19,70,230, and the subscribed & paid-up equity capital has increased to Rs. 155,04,38,340.

Press Release Highlights:

• Pre-Sales and Industrial Land Leasing: The company achieved pre-sales of Rs. 1,019 crore and industrial land leasing worth Rs. 76.1 crore for Q1 FY25.
• Project Development: Gross development value additions of Rs. 1,400 crore in Sai Baba Nagar, Borivali.
• Financial Performance: The consolidated total income stood at Rs. 206.7 crore, with a profit after tax of Rs. 12.7 crore.

Management's Commentary:

Amit Kumar Sinha, Managing Director & CEO, commented, "We continue to see strong momentum in our residential business. Our IC&IC business has also delivered a strong performance in Q1 driven by demand in the manufacturing sector. Overall, it has been an exceptional start to the year on all fronts."

Compliance and Governance

Regulatory Adherence:

Mahindra Lifespace Developers Limited continues to maintain high standards of corporate governance by ensuring timely and transparent communication with stakeholders. The Board meeting and the financial results approval are part of the company's ongoing commitment to regulatory compliance.

Conclusion

The financial results for Q1 2024 reflect Mahindra Lifespace Developers Limited's strategic focus and operational efficiency. Stakeholders and investors are encouraged to review the detailed financial report on the company's official website.

For more detailed insights, stakeholders and investors can access the complete financial report on the company's official website.

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