Mumbai: Mahindra Lifespace Developers Ltd on Monday posted a 33% decline in net profit at ₹47.73 crore in the fourth quarter ended March 31, 2019 on higher expenses.
The company's total income increased by 36.6% to ₹243.68 crore as compared to the year ago period, the Mumbai-based developer said in a filing to BSE.
Total expenses during the reporting quarter shot up by 43.2% to ₹228.78 crore from ₹159.77 crore recorded in the corresponding quarter previous financial year.
The Mahindra group firm said it sold homes worth ₹407 crore during fourth quarter ended March 31, 2019. The company also entered into an agreement to purchase 6.92 acres land parcel in Pune having a development potential of around 0.68 msft targeting the mid-premium segment.
In the fourth quarter, the company leased 15.4 acre of space for a premium of Rs. 42.9 crore at both its industrial parks - World City Jaipur and World City, Chennai, it said.
Shares of Mahindra Lifespace Developers closed at ₹361.45 per share, down by 0.59% from the previous close while Sensex fell by 1.26 % at 38,645.18 points.
