Mahindra Lifespaces Q3 net profit up 20% at Rs 33.42 cr

Mumbai, Feb 5 (PTI) Mahindra Lifespace Developers Ltd(MLDL) today announced a 20 per cent jump in net profit at Rs33.42 crore in Q3 FY 11 from Rs 27.93 crore in the same perioda year ago.

The real estate and infrastructure development arm ofthe Mahindra Group reported an operating income of Rs 155.82crore for Q3 FY11, an increase of 43 per cent compared to Rs108.91 crore in Q3 FY 10, a company release said here.

The operating income for the nine months endedDecember 31 was Rs 312.73 crore, up 42 per cent as compared toRs 219.69 crore posted in the same period of last fiscal. Theprofit after tax (PAT) for the period was Rs 72.56 crore,registering an increase of 30 per cent compared to Rs 55.69crore in the nine months ended December 2009.

During the third quarter, Mahindra Integrated TownshipLtd, a subsidiary of the company, launched a residentialproject, Iris Court, within Mahindra World City in Chennai.

Sales of residential units by the firm (together withthose of its subsidiaries) increased by 50 per cent to Rs 581crore for the nine months ended December 2010 from Rs 386crore in the same period of the last fiscal.

The corresponding area sold, for the period, was at1.16 million sq ft compared to 0.86 million sq ft in theprevious year, the release said.

"We are investing Rs 1,000 crore in constructionbusiness and focus will be on raising funds through debt,"Mahindra Lifespace Chief Executive Anita Arjundas said.

The company is constructing projects in Hyderabad,Mumbai, Nagpur, Pune and NCR region, Arjundas said.