Mahindra Lifespace Developers drops amid volatility after Q3 results

Mahindra Lifespace Developers lost 0.99% to Rs 394.30 at 14:23 IST on BSE after consolidated net profit surged 70.58% to Rs 29 crore on 18.18% growth in total income to Rs 156 crore in Q3 December 2013 over Q3 December 2012.

The Q3 result was announced during trading hours today, 24 January 2014.

Meanwhille, the S&P BSE Sensex was down 205.77 points or 0.96% at 21,167.89.

On BSE, so far 10,000 shares were traded in the counter as against average daily volume of 1,885 shares in the past two weeks.

The stock was volatile. The stock lost as much as 2.82% at the day's low of Rs 387 so far during the day. The stock rose as much as 2.79% at the day's high of Rs 409.40 so far during the day.

Commenting on the company's Q3 performance, Anita Arjundas, MD & CEO, Mahindra Lifespace Developers said, "Given the macro economic situation, we are pleased to see a robust performance this quarter. While buyer sentiment has been cautious in the residential space, quality products, which are in sync with customer requirements, continue to do well. Momentum in the Integrated Business Cities too continued with the addition of new customers in both the Mahindra World Cities. 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".

Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, is a leader in sustainable urban development, through the creation of residential and integrated large format developments across nine Indian cities - Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bangalore. The company's residential development footprint includes over 11.14 million square feet of ongoing and forthcoming projects.

Powered by Capital Market - Live News