The company had posted a net profit of Rs 179.31 crore in the year ago period.
Income from operations during April-June period of current financial year fell to Rs 175.01 crore from Rs 406.62 crore in the corresponding period of 2014-15 fiscal.
The company is real estate arm of real estate business of the USD 16.9 billion Mahindra Group.
"The first quarter has seen many strategic initiatives achieving fruition. Our entry into the Bengaluru residential market, announcement of our joint venture in the World City business with Sumitomo Corporation and the establishment of our first international office in Dubai are all important aspects of our growth strategy," Mahindra Lifespace Managing Director and CEO Anita Arjundas said in a statement.
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