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Mahindra Lifespace Developers Ltd (MLDL) has posted a 72 per cent rise in net profit at Rs 29 crore (Rs 17 crore) for the quarter ended June 30, 2012. The company is the real estate development arm of the Mahindra Group.
Operating income was at Rs104.13 crore as against Rs 81.45 crore.
MLDL said it has launched the second phase of its project at Nagpur. It is awaiting approvals for its new projects at Pune and Hyderabad and for subsequent phases of Iris Court (Mahindra Integrated Township) at Chennai.
During the quarter, it acquired two land parcels, one outright and the other through a joint development agreement. These properties, in Chennai and Pune, will result in development of about eight lakh square feet.
On Tuesday, the company scrip closed 2.10 per cent higher at Rs 324 on BSE.
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