Mahindra Lifespace Developers achieved sales of Rs 1,023 crore in residential business in 2018-19, marking a growth of 67 per cent in the year-on-year period, the company announced on Monday.
The consolidated profit after tax stood at Rs 120 crore against Rs 101 crore in FY 18. The board of directors have recommended a dividend of Rs 6 per equity share with a face value of Rs 10 each.
Land leasing in integrated cities and industrial clusters grew the business by 69 per cent to Rs 243 crore, the company said in a statement.
"We look forward to continue the performance momentum with impactful launches -- both in residential as well as industrial parts of our business," said Managing Director and Chief Executive Officer Sangeeta Prasad.
"Coupled with effective land buying, stable and transparent regulations will be an important enabler in this journey," she said.
In January to March 2019, the consolidated total income was Rs 247 crore against Rs 137 crore in the previous quarter and Rs 180 crore in fourth quarter of FY 18.
Mahindra Lifespace Developers is the real estate and infrastructure development business of the 20.7 billion dollar Mahindra Group. The company's development footprint spans 25.2 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities.
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