However, revenue from operations surged 57.9% year on year (YoY) to Rs 255.37 crore in the quarter ended 31 March 2023.

Consolidated profit before tax stood at Rs 3.92 crore in the fourth quarter, down 95% from Rs 77.95 crore reported in the same period a year ago.

Total expenses spiked 43.72% year on year to Rs 289.20 crore in Q4 FY23. Cost of projects was at Rs 205.56 crore (up 51.65% YoY) and operating expense stood at Rs 5.86 crore (up 51.03% YoY) during the period under review. Employee benefit expenses rose 4.5% YoY to Rs 18.34 crore during the quarter.

The company achieved quarterly sales of Rs 361 crore (saleable area - 0.49 msft; RERA carpet area - 0.32 msft) in residential business.

It launched 0.41 msft of saleable area (RERA carpet area - 0.32 msft) in two projects, viz. Mahindra Nestalgia at Pune and Meridian plotted development at Alibaug.

During the quarter, the company's collections stood at Rs 304 crore in residential business. It achieved land leasing of 69 acres in the industrial parks business for Rs 201 crore.

In the year ended March 2023, the firm's net profit tumbled 34.4% to Rs 101.41 crore despite of 54.1% jump in revenue to Rs 606.61 crore. For FY23, its collections stood at Rs 1,165 crore in residential business.

Arvind Subramanian, managing director & CEO of Mahindra Lifespace Developers, said, “Our business clocked record residential pre-sales of Rs 1,812 crore and industrial land leasing of Rs 456 crore. We are witnessing strong housing demand in the segments and cities we serve and foresee this will sustain for the next few years.”

He further added, “Our industrial leasing has accelerated with strong tailwinds in overall manufacturing investment and growth sentiment in the country. Over the past thirteen months, we have also added Rs 4,050 crore of gross development value to our residential land portfolio, including our first forays into society redevelopment, and continue to pursue several attractive acquisition opportunities that set the company up well for growth."

Meanwhile, the company's board has recommended a dividend of Rs 2.30 per equity share for the financial year ended on 31 March 2023. The dividend will be paid/dispatched after 26 July 2023 to the shareholders.

Mahindra Lifespace Developers is the real estate and infrastructure development arm of the Mahindra Group. The company's development footprint spans 33.55 million sq. ft. of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000 acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations.