Mahindra Lifespace Developers Q1 consolidated net profit up 35 per cent

MUMBAI: Mahindra Lifespace Developers has reported 35 per cent year-on-year rise in April-June consolidated net profit at Rs 19.31 crore. Operating income for the first quarter grew 17 per cent to Rs 120.93 crore, the company said in its earnings release.

During the quarter, the company launched the second phase of its project Bloomdale in Nagpur. The company sold 0.20 million sq ft of residential space, amounting to Rs 52 crore of sales from its projects Aqualily at Chennai and Bloomdale.

The Mahindra group company acquired two land parcels during the quarter, one on outright basis and the other through a joint development agreement. These land parcels located in Chennai and Pune will result in development potential of around 0.80 million square feet. One of these is intended to be used for the company's proposed foray into affordable housing and the other will be used to launch a premium residential project, the release said.

During the quarter, Mahindra World City Chennai, the integrated business city promoted by the company signed agreements with two industrial customers for space in the domestic tariff area.

On Tuesday, shares of Mahindra Lifespace Developers closed at Rs 324 on the Bombay Stock Exchange, up 2.1 per cent from Monday.