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