NEW DELHI: Mahindra Lifespace Developers today reported 59 per cent increase in consolidated net profit to Rs 48.63 crore for the March quarter.
Its net profit stood at Rs 30.62 crore in the year-ago period, the real estate and infrastructure development business of the Mahindra Group said in a regulatory filing.
Income from operations rose marginally to Rs 266.29 crore during the January-March period of the 2015-16 fiscal, compared with Rs 259.11 crore in the same period of 2014-15.
For entire 2015-16, Mahindra Lifespace reported 65 per cent decline in its profit at Rs 93.09 crore as against Rs 266.20 crore in the previous fiscal.
Income from operations also fell to Rs 826.16 crore last fiscal from Rs 1,086.10 crore in 2014-15.
The company's Board has recommended a dividend of 60 per cent.
"Residential sales demonstrated strong q-o-q performance across projects, resulting in a 17 per cent growth in FY16 sales over the previous year.
"Execution performance was also strong during the quarter, resulting in a total of 0.3 million sq metre (3.3 mn sq ft) getting completed in FY16 as against 0.1 mn sq metre (1.2 mn sq ft) in FY15," said Anita Arjundas, MD and CEO, Mahindra Lifespace Developers.
"Our joint venture with Sumitomo Corporation, for a new industrial cluster in North Chennai, saw fruition during the quarter with a 40% stake being taken up by them. A recovery in economic indicators will help drive demand in both our business segments," she added.
Mahindra Lifespace Developers has presence across nine Indian cities - Mumbai, Pune, Nagpur, Gurgaon, Faridabad, Jaipur, Chennai, Hyderabad and Bengaluru.
The company's residential and commercial development footprint includes over 1.20 million sq metre (12.94 million sq ft) of completed projects and over 0.88 million sq metre (9.44 million sq ft) of ongoing and forthcoming projects.
It has pioneered the concept of an integrated business city through 'Mahindra World City' developments in Chennai and Jaipur.