Mahindra Lifespace Developers will hold a meeting of the Board of Directors of the Company on 29 July 2020.

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Mahindra World City Jaipur, a joint venture between MahindraLifespace Developers and Rajasthan State Industrial Development and Investment Corporation, announced that it has signed four companies from the IT/ITeS, medical devices, manufacturing and warehousing logistics sectors.

These clients viz. Programmers.io; Vitromed Healthcare;Bansal Oil Mill; and Bhagwati Group are investing to establish new facilities/ expand existing operations at MWC Jaipur.

MWC Jaipur is the chosen destination for these MSME clients' due to its strategic location;ready plug-n-play infrastructure along with an established ecosystem enabling Ease of Doing Business inoperations. This ensures faster time-to-market benefit for all industrial clients.

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Mahindra Lifespace Developers has appointed Arvind Subramanianas Managing Director & Chief Executive Officer of the Company with effect from 1 July 2020.

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Net sales dropped 56.7% to Rs 101.42 crore in Q4 March 2020 from Rs 234.27 crore posted in Q4 March 2019.

The company reported an exceptional loss of Rs 134 crore. Mahindra Homes (MHPL), a joint venture of the company, is executing residential projects at NCR and Bengaluru. The residential project in NCR is a joint development with the landowner. The project saw a successful launch in 2015 in a buoyant market. The market has thereafter seen muted demand and declining prices. During the year the company also saw significant cancellations of earlier bookings. Consequently, MHPL has valued its balance inventory as per its accounting policies. Similarly, the company has in turn, based on estimated net present value of forecasted cash flows, provided for impairment of its equity value in MHPL. On a consolidated basis, the impact of impairment is Rs 135 crore, in addition to an impact of Rs 64 crore as share of loss from MHPL JV. This has been done as a matter of prudence considering uncertain market conditions.

The realtor reported a pre-tax loss of Rs 229.45 crore in Q4 March 2020 over a pre-tax profit of RS 35.65 crore in Q4 March 2019.

Commenting on the performance, Sangeeta Prasad, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers said, “We are happy with the robust sales in our affordable housing project in Kalyan and the industrial customer acquisition in Chennai and Jaipur in Q4F20. We had planned a couple of launches in MarchͲ20 but did not go ahead because of the Covid-19 conditions. Being abundantly cautious, we have made a oneͲtime provision in our financials for our project in NCR which was launched in 2015. With our strong cash position and balance sheet, coupled with the government taking positive steps, we are well positioned to leverage the future.”

During the year, the company achieved sales of Rs 818 crore (1.41 msft) in residential business. it completed development of 1.07 msft at various locations and attained collections of Rs 930 crore in residential business. The firm delivered 1,222 units to customer across various projects and leased 40 acres for Rs 104 crore in Integrated cities and industrial clusters business. Sales value and volume does not include cancellation in Luminare project during Q2 FY20 and Q3 FY20.

Mahindra Lifespace Developers is the real estate and infrastructure development business of the Mahindra Group

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