Residential projects build Mahindra Lifespaces profit

Our Bureau Mumbai | Updated on January 24, 2014

Anita Arjundas

Mahindra Lifespaces net profit for the third quarter ended December 31 was up 23 per cent at Rs 16.6 crore against Rs 13.5 crore in the year-ago period on a standalone basis.

According to MD and CEO Anita Arjundas, the combined factors of improved sales performance in residential projects, focus on better execution and addition of new customers to its Mahindra World City projects in Chennai and Jaipur helped the company post an increased net profit.

Focus on growth

“While buyer sentiment has been cautious in the residential space, quality products, which are in sync with customer requirements, continue to do well. Momentum in the Integrated Business Cities, too, continued with the addition of new customers in both the Mahindra World Cities.

“Our focus on growth shall continue as we strive for faster conversion of land into saleable inventory to enable timely launch of our projects that are currently in various stages of design and approvals,” she added.

The real estate arm of the Mahindra Group posted a total income of Rs 57.5 crore in Q3 against Rs 61.4 crore in the corresponding period in 2012.

The realty company sold a total of 279 units across seven projects with a total sales value of Rs131 crore. On Friday, the company scrip closed at Rs 388.5, down 2.45 per cent from its previous close on the BSE.

Published on January 24, 2014

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