Mahindra Life spaces Q4 profit decreases 63%
A 63 per cent fall is reported in consolidated net profit of Mumbai-based Mahindra Lifespaces for the fourth quarter ended March 31 at Rs 30.3 crore against Rs 81.74 crore in the year ago period.
From Rs 141 crore in the previous fiscal, in 2013-14 fiscal, the company’s consolidated net profit slid by 29 per cent to Rs 101 crore.
A dividend of 60 per cent for the year is suggested by the Board of Directors.
Mahindra Lifespace Managing Director and CEO Anita Arjundas said, Commenting on the result, as investment decision by households and corporates were postponed and approval cycle lengthened, overall the year was passive. But we have witnessed revenue growth of over 10 per cent in the residential business backed by a continuous focus on execution.
She added the company would focus on introducing new projects across business segments in future.
In nine cities the real estate arm of the Mahindra Group is present, and its portfolio inculcates 11.25 million square feet of development across ongoing and forthcoming projects.
Source: Hindu Business Line
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