mumbai india ratings assigned real estate firm mahindra lifespace developers rs 150 crore shortterm unsecured commercial paper an a1 rating due to its strong brand name long track record and diversified across geography and ticket size and strategic linkages with the parent firm a rating means the rating agency expects the commercial paper to have adequate degree of safety regarding timely servicing of financial obligations the purpose of the commercial paper is to refinance the companys existing borrowings the mahindra group firm primarily operates in two segments project management and development activities and operating of commercial complexes india ratings said the rating benefits from the company being part of the mahindra group which provides it both operational and financial flexibility the rating agency added mahindra lifespaces diversified geographical presence across 8 markets mitigates the inventory and price risk related to one particular area whereas different ticket sizes help it to cater to a larger customer base from lowincomegroup to highincomegroup the company reported an 88 drop in net profit in the first quarter at rs 2161 crore hurt by a oneoff sale of property in mumbai last year