Mahindra Lifespace posts Rs4 cr loss

New Delhi: Mahindra Lifespace Developers on Wednesday reported a consolidated net loss of Rs 4.27 crore for the first quarter of this fiscal year on lower income and higher expenses. The company posted a net profit of Rs 75.70 crore for the year-ago period. Total income fell to Rs 110.05 crore during April-June from Rs 117.34 crore in the corresponding period of the previous year, according to a regulatory filing. Total expenditure increased to Rs 148.34 crore from Rs 130.72 crore in the year-ago period. "Our residential business has delivered a pre-sales of Rs 345 crore. We are optimistic about the launches lined up in upcoming quarters. We are gearing up for a 5X growth in our business over the next 5 years," Mahindra Lifespace Developers Managing Director & CEO Amit Sinha said.