Mahindra Lifespace Developers fell 3.73% to Rs 383.1 at 10:32 IST on the BSE after consolidated net profit fell 51.6% to Rs 12.92 crore on 31% decline in net sales to Rs 106.22 crore in Q1 June 2019 over Q1 June 2018.
The result was announced after market hours on Friday, 26 July 2019.
Meanwhile, the S&P BSE Sensex was down by 81.77 points or 0.22% to 37,801.21.
On the BSE, 1104 shares were traded in the counter so far compared with average daily volumes of 1094 lakh shares in the past two weeks. The stock had hit a high of Rs 389.45 and a low of Rs 376 so far during the day. It hit a 52-week high of Rs 578.95 on 27 July 2018 and a 52-week low of Rs 351.9 on 27 March 2019.
The company's earnings before interest tax depreciation and amortization (EBITDA) declined 55.8% to Rs 19 crore in Q1 June 2019 over Q1 June 2018. The EBITDA margin fell to 16% in Q1 June 2019 from 24% in Q1 June 2018.
Commenting on the company's Q1 performance, Sangeeta Prasad, managing director & chief executive officer, Mahindra Lifespace Developers said, "Continued focus on collections, execution and approvals for launch will enable project launches and operational throughput in the subsequent quarters. We are evaluating opportunities for acquisition of land and projects.
Mahindra Lifespace Developers is one of the leading real estate development companies in India.
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