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Mahindra group's real estate firm Mahindra Lifespace Developers today reported 63% fall in its consolidated net profit at Rs 30.30 crore for quarter ended March 31 on lower sales.
The company's net profit stood at Rs 81.74 crore in the year ago period, Mahindra Lifespace Developers said in a filing to the BSE.
Income from operations fell by 48% to Rs 189.38 crore during the fourth quarter of last fiscal from Rs 362.14 crore in the corresponding period of previous financial year.
During 2013-14 fiscal, the company's consolidated net profit declined by 29% to Rs 100.63 crore from Rs 141.37 crore in the previous year.
Income from operations, too, fell at Rs 705.26 crore last fiscal from Rs 738.34 crore in 2012-13.
The Board of Directors recommended a dividend of 60% for the year.
Commenting on the result, Mahindra Lifespace Managing Director and CEO Anita Arjundas said: "We have seen revenue growth of over 10% in the residential business backed by a continuous focus on execution".
The year overall was subdued as investment decision by households and corporates were postponed and approval cycle lengthened, she added.
During last fiscal, the company launched two new housing projects and sold 706 units across eight projects.
Arjundas said the company would focus on launching new projects across business segments.
The Mumbai-based developer is present in nine cities and its portfolio includes 11.25 million sq ft of development in the ongoing and forthcoming projects.
