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Mahindra Lifespace net jumps to Rs 47.8 crore

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Press Trust of India Mumbai
Mahindra Lifespace Developers, the realty arm of the Mahindra Group, today said its net profit for the March quarter more than doubled to Rs 47.8 crore despite a significant decline in turnover.
The company had reported a net profit of Rs 17.4 crore in the corresponding quarter last year.
Its total income for the January-March quarter declined by 47 per cent to Rs 180.6 crore from Rs 342.5 crore in the same quarter last year.
"This quarter saw robust performance across business segments, with strong sales in both the residential and integrated cities business. We look to carry this momentum forward in FY19 with multiple launches across markets in the residential and industrial space," company's managing director Anita Arjundas said in a statement issued here.
She further said the end-user demand is witnessing an improvement and there should be a pickup in the overall market sentiment in the coming year.
The company's consolidated income for FY18 stood at Rs 644.1 crore, compared with Rs 831.0 crore in FY17, while its profit after tax (PAT) stood at Rs 101.0 crore, compared with Rs 102.2 crore in 2016-17.
During the quarter, the company achieved a sales value of Rs 191 crore and collections of Rs 199 crore.
The firm's scrip closed 3.52 per cent up at Rs 463.25 today on the BSE.

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First Published: Apr 27 2018 | 9:00 PM IST

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