Mahindra Group’s real estate firm Mahindra Lifespace Developers on Tuesday reported 63 per cent fall in its consolidated net profit at Rs. 30.30 crore for quarter ended March 31 on lower sales.

The company’s net profit stood at Rs. 81.74 crore in the year ago period, Mahindra Lifespace Developers said in a filing to the BSE.

Income from operations fell by 48 per cent to Rs. 189.38 crore during the fourth quarter of last fiscal from Rs. 362.14 crore in the corresponding period of previous financial year.

During 2013-14 fiscal, the company’s consolidated net profit declined by 29 per cent to Rs. 100.63 crore from Rs. 141.37 crore in the previous year.

Income from operations, too, fell at Rs. 705.26 crore last fiscal from Rs. 738.34 crore in 2012-13.

The Board of Directors recommended a dividend of 60 per cent for the year.

Commenting on the result, Mahindra Lifespace Managing Director and CEO Anita Arjundas said, “We have seen revenue growth of over 10 per cent in the residential business backed by a continuous focus on execution“.

The year overall was subdued as investment decision by households and corporates were postponed and approval cycle lengthened, she added.

During last fiscal, the company launched two new housing projects and sold 706 units across eight projects.

Ms. Arjundas said the company would focus on launching new projects across business segments.

The Mumbai-based developer is present in nine cities and its portfolio includes 11.25 million sq ft of development in the ongoing and forthcoming projects.

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