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Mumbai, January 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 December 31st, 2018 today.
Indian Accounting Standards (IND AS) are applicable to the company. 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.
Commenting on the performance, Anita Arjundas, Managing Director & CEO, Mahindra Lifespace Developers Ltd., said, "The Company has made significant headway in its balanced and capital light approach by way of partnerships formed with reputed organisations like IFC and HDFC Capital. The quarter gone by reflects the best operational performance so far this year. Having said that, we look forward to maximising performance to full potential, given a large number of new project launches that are planned in the near future".
BUSINESS HIGHLIGHTS FOR Q3 FY18
During the quarter, the Company received investment funding for its industrial cluster at Ahmedabad, "Origins by Mahindra World City" from International Finance Corporation (IFC), a strategic partnership that was announced in the previous quarter. Further, in October, the Company formed a strategic platform for affordable housing with HDFC Capital. This new platform will initially focus on affordable housing projects in Mumbai and Pune.
The operating highlights for Q3 FY18 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
AWARDS AND RECOGNITION
About Mahindra Lifespace Developers Ltd.
Established in 1994, Mahindra Lifespace Developers Ltd. is the real estate and infrastructure development business of the USD 19 billion Mahindra Group, and a pioneer of sustainable urbanisation in India. The Company is committed to transforming India’s urban landscape through its residential developments under the ‘Mahindra Lifespaces’ and ‘Happinest’ brands; and through its integrated cities and industrial clusters under the ‘Mahindra World City’ brand.
Mahindra Lifespaces delivers innovative customer-focused solutions that are rooted in a legacy of trust and transparency. The Company’s development footprint spans 23 million sq. ft. (2.137 million sq. m.) of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 4960 acres of ongoing and forthcoming projects under development/management at its integrated developments in four cities.
A pioneer of the green homes movement in India, Mahindra Lifespaces has been ranked 4th in Asia in its category, in the ‘2017 GRESB Real Estate ESG (Environmental, Social and Governance) Assessment’. The Company has also been ranked among the top 50 great mid-size workplaces in India – 2017, by the Great Places To Work Institute.
Learn more about Mahindra Lifespaces at www.mahindralifespaces.com