Mahindra Lifespaces Q4 net up 95 pc at Rs 82 crore

Company's net profit for the same quarter of 2011-12 stood at Rs 42 crore

Mahindra Lifespaces, part of the Mahindra group, today posted 95 per cent increase in net profit at Rs 82 crore for the quarter ended March 31, mainly on the back of improved sales.

Its net profit for the same quarter of 2011-12 stood at Rs 42 crore.

The company's total income during the January-March quarter increased by 32 per cent to Rs 368 crore against Rs 279 crore in the year-ago period.

"Our focus on execution in the residential segment, coupled with strong sales momentum and new customer additions in Mahindra World City Chennai and Jaipur, have significantly contributed to the robust performance this year," company's Managing Director and Chief Executive Anita Arjundas told PTI.

The company will continue to focus on executing its ongoing projects in the coming years, she said.

"By FY'15, we would see execution of some of our ongoing projects as well as some of our forthcoming projects. In the next 2-3 years, we believe many of our projects would be completed. We believe we are well placed for continued growth driven performance in the coming years," Arjundas said.

The company expects to complete five million sq ft development in FY'14 even as it added new land inventory with an estimated development potential of 2 million sq ft in FY'13.

The company's revenues during 2012-13 stood at Rs 772 crore against Rs 728 crore in FY12. Its net profit during the period grew 19 per cent to Rs 141 crore against Rs 119 crore last fiscal.

The company's residential and commercial development footprint includes over 7.7 million sq ft of completed projects and close to 10 million sq ft of ongoing and forthcoming projects and is present in cities like Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bangalore.

When asked whether the company plans to expand in other cities, she said: "I feel we are quite comfortable in the areas where we are present currently. So far we have no plans to enter into new regions."