Mahindra Lifespace Developers surged 15.23% to Rs 637.60 at 14:59 IST on BSE after consolidated net profit surged 723.66% to Rs 179.31 crore on 138.46% increase in total income to Rs 436.55 crore in Q1 June 2014 over Q1 June 2013.
The result was announced during trading hours today, 31 July 2014.
Meanwhile, the BSE Sensex was down 136.29 points, or 0.52%, to 25,951.13.
On BSE, so far 2.03 lakh shares were traded in the counter, compared with an average volume of 9,477 shares in the past one quarter.
The stock hit a high of Rs 659 so far during the day, which is also a 52-week high for the counter. The stock hit a low of Rs 556 so far during the day. The stock hit a 52-week low of Rs 327.20 on 11 September 2013.
The stock had underperformed the market over the past one month till 30 July 2014, rising 1.79% compared with 2.65% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 40.96% as against Sensex's 16.37% rise.
The small-cap company has an equity capital of Rs 40.99 crore. Face value per share is Rs 10.
Commenting on the performance, Anita Ariundas, Managing Director & CEO, Mahindra Lifespace Developers, said, "As we celebrate 20 years of our Group's foray in the real estate business, the unveiling of our Affordable Housing brand "Happinest" in June signifies our intent of providing housing for all. The quarter commenced with the sale of the Byculla property in Mumbai wherein the Company had developments rights, bringing to close a long pending matter. The two World Cities performed well during the quarter, adding six new customers. With a palpable improvement in consumer sentiment, revival of the residential sector seems imminent and we look fonlvard to the launch of our premium residential projects across key markets besides the affordable housing pilots in Chennai and Mumbai."
Jayantt Manmadkar, Chief Financial Officer, Mahindra Lifespace Developers said, "The results this quarter saw a strong contribution from the Mahindra World Cities and ensured that even in a subdued market, our profitability was better than last year's comparable period, even after excluding the profits on account of the Byculla property sale. The proceeds from this transaction have since been used to pare down debt in the near term."
Mahindra Lifespace Developers, the real estate and infrastructure development arm of the Mahindra Group, is a leader in sustainable urban development, through the creation of residential and integrated large format developments across nine Indian cities - Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bangalore. The company's residential & commercial development footprint includes over 11.25 million square feet of ongoing and forthcoming projects.
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