Mahindra Lifespace Q4 net profit down 33% at ?47.7 crore

Mumbai: Mahindra Lifespace Developers Ltd on Monday posted a 33% decline in net profit at ?47.73 crore in the fourth quarter ended March 31, 2019 on higher expenses.

The company’s total income increased by 36.6% to ?243.68 crore as compared to the year ago period, the Mumbai-based developer said in a filing to BSE.

Total expenses during the reporting quarter shot up by 43.2% to ?228.78 crore from ?159.77 crore recorded in the corresponding quarter previous financial year.

The Mahindra group firm said it sold homes worth ?407 crore during fourth quarter ended March 31, 2019. The company also entered into an agreement to purchase 6.92 acres land parcel in Pune having a development potential of around 0.68 msft targeting the mid-premium segment.

In the fourth quarter, the company leased 15.4 acre of space for a premium of Rs. 42.9 crore at both its industrial parks – World City Jaipur and World City, Chennai, it said.

Shares of Mahindra Lifespace Developers closed at ?361.45 per share, down by 0.59% from the previous close while Sensex fell by 1.26 % at 38,645.18 points.

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