Mahindra Lifespace net profit drops 18% in September quarter1 min read . Updated: 23 Oct 2013, 02:04 AM IST
Mahindra Lifespace's net profit falls to `19.38 cr in September quarter 2014 from `23.61 cr a year earlier
Mumbai: Mahindra Lifespace Developers Ltd (MLDL), a part of the Mahindra group, reported an 18% drop in profit in the June-September quarter because of an increase in project costs.
Net profit dropped to ₹ 19.38 crore from ₹ 23.61 crore a year earlier, the company said on Tuesday.
For the same period, income from operation increased 51.6% to 196.2 crore. Project cost increased by 80% to ₹ 115.1 crore.
“The past quarter has seen progress on the execution front in the residential business while Mahindra World City, Jaipur continued to add new customers in the DTA and SEZ areas," said Anita Arjundas, managing director and chief executive of MLDL, in a statement on Tuesday.
Shares of Mahindra Lifespace gained 0.42% to ₹ .418.5 on BSE, while the exchange’s benchmark Sensex lost 0.14% to 20,864.97 points and the BSE Realty index lost 0.22%.