Mumbai: Real estate firm Mahindra Lifespace Developers Ltd (MLDL) posted a steep 88% fall in net profit to 21.61 crore in the June quarter as the firm suffered the impact of the sale of property in Mumbai last year.

The Mahindra Group firm’s total income fell to 175 crore in the first quarter of the fiscal from 406.62 crore in the same period a year ago, according to the results announced on Friday.

“June quarter performance includes the impact of sale of property in Byculla, Mumbai, wherein the company had development rights on part of the property," the company said.

The firm sold the Byculla property for 325 crore last year. MLDL had entered into a joint venture agreement with the land owner to develop five acres of the New Great Eastern Spinning and Weaving Co.’s land.

During the quarter, the firm entered the Bengaluru market with the launch of Windchimes Phase I, a premium residential project on Bannerghatta Road in the city. It also entered into a joint venture agreement with Japan-based Sumitomo Corp. to develop an industrial park in Chennai.

Excluding the impact of Byculla property sale, the firm said its consolidated total income grew 11% and consolidated profit after tax for the quarter grew 28%.