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Realty firm Mahindra Lifespace Developers have reported a 64 per cent decline in its consolidated net profit at Rs 17.4 crore for the quarter ended March on higher expenses.
Its net profit stood at Rs 48.51 crore in the year-ago period, the company said in a filing to the Bombay Stock Exchange (BSE).
The company’s revenue doubled to Rs 342.47 crore in the fourth quarter of the last fiscal from Rs 164.71 crore in the corresponding period of the previous year.
Expenses, too, increased to Rs 326.57 crore from Rs 141.84 crore earlier. For the full financial year 2016-17, the company’s net profit rose to Rs 102.24 crore from Rs 91.71 crore in the previous year.
Total income increased to Rs 831 crore in the last financial year from Rs 687 crore in 2015-16.
Mahindra Lifespace Developers Managing Director and CEO Anita Arjundas said, “FY17 has been a year of strong focus on execution with over 2,200 units handed over to customers.” She added, “We saw good demand in Mahindra World City, where we leased over 75 acres of land to 12 customers across Jaipur and Chennai.” Mahindra Lifespace Developers, the real estate arm of the Mahindra Group, has a residential and commercial development footprint that includes 13.87 million sq ft of completed projects and 8.89 million sq ft of ongoing and forthcoming projects.
It has presence in Mumbai Metropolitan Region, Pune, Nagpur, Ahmedabad, Nashik, the National Capital Region, Jaipur, Hyderabad, Bengaluru and Chennai.
