Mahindra Lifespace Q2 net profit down 36% at Rs 15 cr

Realty firm Mahindra Lifespace Developers today reported 36 per cent decline in consolidated net profit at Rs 15.11 crore for the quarter ended September.
Its net profit stood at Rs 23.47 crore in the year-ago period, the company said in a filing to the BSE.
Income from operations also fell by 9 per cent to Rs 164.55 crore during the second quarter of this fiscal from Rs 181.61 crore in the corresponding period of the previous year.
The company said that the residential sales for the quarter was up by 132 per cent over last year.
"Residential sales have shown good year-on-year growth during the quarter. In the industrial leasing space, the quarter was muted at both the World Cities with decision making cycles becoming longer. We are hopeful that improving economic indicators and a strong recovery in commercial space absorption will drive job creation and improve demand in the coming quarters," company's MD & CEO Anita Arjundas said.

Residential real estate market has seen sluggish demand for a while now, resulting in high inventory levels across most markets, the company said, adding that the current market demand is dominated by end consumers with a clear preference for developers having a credible track record of execution.
Mahindra Lifespace Developers, the real estate and infrastructure development business of USD 16.9 billion Mahindra group, has presence in nine cities. It has so far completed 10.21 million sq ft of area and is in the process of developing 9.93 million sq ft.