Mahindra Lifespace Q2 Net down 18% at Rs 19.38 cr

Company posted a net profit of Rs 23.61 crore in the year-ago period

Mahindra group realty firm Mahindra Lifespace Developers Ltd today reported 18% drop in consolidated net profit at Rs 19.38 crore for the quarter ended September 30.

The Mumbai-based company had posted a net profit of Rs 23.61 crore in the year-ago period.

Income from operations, however, rose to Rs 196.22 crore during the second quarter of this fiscal from Rs 129.40 crore in the corresponding period of previous year, the company said in a filing to the BSE.

Mahindra Lifespace is developing real estate projects in the nine cities -- Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bangalore. The company has 11.15 million sq ft of ongoing and forthcoming projects.

Its shares inched up by 0.68% to end at Rs 419.60 apiece on the BSE.