Mumbai, October 26, 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 September 2018 today.
BUSINESS PERFORMANCE FOR Q2 FY19
The operating highlights for Q2 FY19 for the Company and its subsidiaries / joint ventures / associates engaged in the real estate business are given below:
Residential (Mid-Premium Residential and Affordable Housing)
Integrated Cities & Industrial Clusters
FINANCIAL PERFORMANCE FOR Q2 FY19
The Company has adopted IND AS 115 during Q1 FY19, effective from 1st April 2018 and has opted for the modified retrospective method. Hence, the revenue recognition of residential projects is upon completion as against on the basis of percentage of completion method (POCM) followed earlier. Therefore, FY19 financials are not comparable with previous reporting periods.
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.
Commenting on the performance, Ms. Sangeeta Prasad, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said, “The two launches namely Roots in Mumbai and Lakewoods in Mahindra World City, Chennai have contributed significantly to our sales numbers. The signing of definitive agreement for a land parcel of 0.84 msft at Bhiwandi Kalyan Road targeting the affordable housing segment is indeed encouraging.
We will continue our pursuit to drive momentum in our performance.”
* Company uses carpet areas 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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