Mahindra Lifespace Q4 profit up 68%

MUMBAI: Mahindra Lifespace Developers, the real estate arm of the Mahindra Group, on Friday said its fourth quarter net profit rose 68% to Rs 24 crore from Rs 14 crore last year on better sales. Net income trebled to Rs 101 crore.

For the financial year, the company has recorded an 18% rise in net profit at Rs 78 crore and a 22% rise in net sales at Rs 418 crore. “Sales during the year grew mainly due to demand for the company’s new projects despite unfavourable market scenario,” CEO and MD Anita Arjundas said. “At least three projects were almost completely sold during the year.”