MLDL Q4 net declines 65.3%

MLDL Q4 net declines 65.3%

 Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development business of the Mahindra Group, has posted a 65.3% decline in net profit for the fourth quarter at Rs 17 crore compared with Rs 49 crore in the comparable period.

 Consolidated total income for the company during the quarter more than doubled to Rs 342 crore compared with Rs 165 crore in Q4FY16. The consolidated total income does not include the impact of line by line consolidation of key operating entities which are now consolidated based on share of profits proportionate to equity holding, the company said.

 “FY17 has been a year of strong focus on execution with over 2,200 units handed over to customers. We saw good demand in Mahindra World City, where we leased over 75 acres of land to 12 customers across Jaipur and Chennai,” MLDL managing director and chief executive officer Anita Arjundas said.