55% Hike in Mahindra Lifespace Developers Profit

October 27, 2009	(Be the first to rate this story!)  Loading ...
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Mahindra Lifespace Developers, the real estate and infrastructure arm of the Mahindra Group, on Monday recorded a 55% rise in quarterly net profit on surge in sales. The company’s net profit for the second quarter ended September 30, 2009, surged to Rs 17.34 crore, against Rs 11.2 crore in the year-ago period. Sales, during the period, grew more than 100% to Rs 102 crore. Its operating income rose 109% to Rs 63.52 crore. For six months ended September 30, 2009, the company posted a net profit of Rs 27.8 crore as compared to Rs 20.95 crore in a year-ago period.

“The residential sector has bounced back during the last two quarters. The volume has gone up following the price reduction of 5-10%,” Mahindra Lifespaces managing director and chief executive officer, Anita Arjundas, said. The commercial real estate still remain under pressure, she added. The company said its projects in Mumbai, Pune, Faridabad and Chennai were on schedule.

The wholly-owned subsidiary of Mahindra & Mahindra is present in five markets in the country that is two projects in Mumbai and one in Pune, one in the national capital region and one in Chennai. The company’s current residential ventures include a 12-acre project in Pune and a 22-acre project in Chennai. The company also has launched a project, Mahindra world City, in Jaipur. Shares of the company slipped 4%, or Rs 14.95, to close at Rs 355.05 on the Bombay Stock Exchange on Monday.

News Published Under:   Real Estate Developers |

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