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Updated: April 22, 2014 19:09 IST

Mahindra Lifespace Q3 net profit up 75%

PTI
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A file picture of Ms. Anita Arjundas, MD and CEO of Mahindra Lifespaces at a press meet in Hyderabad. Photo: P.V.Sivakumar.
Business Line A file picture of Ms. Anita Arjundas, MD and CEO of Mahindra Lifespaces at a press meet in Hyderabad. Photo: P.V.Sivakumar.

Realty firm Mahindra Lifespace Developers on Friday reported 75 per cent increase in consolidated net profit of Rs 29.18 crore for the October-December quarter.

The real estate and infrastructure development arm of the Mahindra Group had posted net profit of Rs 16.71 crore in the third quarter of 2012-13 fiscal.

Its Q3, 2013-14 income from operations rose by 14 per cent to Rs 143.60 crore from Rs 125.87 in the year-ago period.

The company sold 279 units in seven projects with a total sales value of Rs 131 crore.

“Given the micro economic situation, we are pleased to see a robust performance this quarter,” Mahindra Lifespace Managing Director and CEO Anita Arjundas said in a statement.

While buyer sentiment has been cautious in the residential space, quality products, which are in sync with customer requirements, continue to do well, she added.

“Our focus on growth shall continue as we strive for faster conversion of land into saleable inventory to enable timely launch of our projects that are currently in various stages of design and approvals,” Ms. Arjundas said.

Mahindra Lifespace is present in nine cities- Mumbai, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bangalore. The company’s residential development footprint includes over 11.14 million sq ft of ongoing and forthcoming projects.

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