Launches a new project in Mumbai and the multi-product SEZ at Jaipur
MUMBAI, July 30, 2018: Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 30th June 2018 today.
The Company has adopted IND AS 115 during Q1 FY19, effective from 1st April 2018 and has opted for the modified retrospective method. As a part of this adoption, the Company has done a transitional adjustment of Rs. 135.34 Crs (net of deferred tax) to the opening retained earnings of the consolidated financials. The financials of the prior reporting periods have not been restated. Hence, Q1 FY19 numbers are not comparable with previous reporting periods. Detailed disclosure is part of financial results for Q1 FY19.
The consolidated total income does not include the impact of line by line consolidation of key operating entities, which are now consolidated based on equity method of consolidation in accordance with IND AS applicable from FY17.
KEY HIGHLIGHTS DURING Q1 FY19
Commenting on the performance, Anita Arjundas, Managing Director, Mahindra Lifespace Developers Ltd., said, “This has been a transitionary quarter in terms of shifting to new standards that are based on completion of contracts and hence the financial numbers are not directly comparable with previous periods. Strong collections, the launch of ‘Roots’ at Kandivali and the multi-product SEZ at Jaipur are key milestones for the quarter. Multiple new projects that are targeted for launch during the year, will further strengthen operational throughput and performance.”
BUSINESS PERFORMANCE FOR Q1 FY19
The operating highlights for Q1 FY19 for the Company and its subsidiaries /joint ventures /associates engaged in the real estate business are given below:
Residential (Premium Residential and Affordable Housing)
Integrated Business Cities
* The Company uses carpet areas as per RERA in its customer communication. However, the data in saleable area terms has been presented here to enable continuity of information to investors and shall not be construed to be of any relevance to home buyers / customers.
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