Mahindra Lifespace Q1 net profit rises 71.5%1 min read . Updated: 24 Jul 2012, 06:19 PM IST
Mahindra Lifespace Q1 net profit rises 71.5%
Bangalore: Mahindra Lifespace Developers Ltd, part of the Mahindra group, said on Tuesday its June quarter net profit rose 71.5% over a year ago to ₹ 29.31 crore and operating income increased 27.84% to ₹ 104.13 crore.
The company has a line of new projects awaiting regulatory approvals and is banking on the affordable housing business it entered into during the June quarter.
During the June quarter, the developer entered the affordable housing business by acquiring land in Chennai.
“It’s been a significant quarter for us from the point of view that we have acquired our first land parcel for affordable housing," said managing director and chief executive Anita Arjundas. “It’s a space we are excited about and believe we can drive significant positive change in home ownership through our efforts in this space."
The company will also launch premium residential projects after receiving regulatory approvals, Arjundas said.
Mahindra Lifespace said it is awaiting approvals for new projects at Pune and Hyderabad and for subsequent phases of construction at its Iris Court project in Chennai.
Shares of Mahindra Lifespace rose about 2% to ₹ 324.00 on the Bombay Stock Exchange. The Sensex rose 0.24% to 16,918.08 points.