Mumbai-based Mahindra Lifespaces reported a 63 per cent fall in its consolidated net profit for the fourth quarter ended March 31 at Rs 30.3 crore against Rs 81.74 crore in the year ago period.
During 2013-14 fiscal, the company’s consolidated net profit slid by 29 per cent to Rs 101 crore from Rs 141 crore in the previous fiscal.
The Board of Directors recommended a dividend of 60 per cent for the year.
Commenting on the result, Mahindra Lifespace Managing Director and CEO Anita Arjundas said: “Overall the year was subdued as investment decision by households and corporates were postponed and approval cycle lengthened. But we have seen revenue growth of over 10 per cent in the residential business backed by a continuous focus on execution.”
Going forward, the company would focus on launching new projects across business segments, she added.
The real estate arm of the Mahindra Group is present in nine cities and its portfolio includes 11.25 million square feet of development across ongoing and forthcoming projects.