Mahindra Lifespaces' Q2 Profits Increase By 42%
The second quarter results of Mahindra Lifespace Developers Limited registered an increase of 42% as compared to last year.
- (1888PressRelease) October 21, 2010 - Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development arm of the Mahindra Group, announced their Q2 results today. The Company reported an Operating income for Q2 F-11 of Rs.88.98 crores, registering an increase of 40% compared to Rs.63.52 crores in Q2 F-10. The PAT for the quarter is at Rs.24.66 crores, registering an increase of 42% compared to Rs.17.34 crores in Q2 F-10.
The Operating income for H1 F-11 is Rs.156.91 crores, registering an increase of 42% on Rs.110.78 crores in H1 F-10. The PAT for H1 F-11 is at Rs.39.14 crores registering an increase of 41% compared to Rs.27.76 crores in H1 F-10.
The above standalone results have been subjected to a Limited review by the statutory auditors of the company.
During the quarter, the Company launched the final phase of its residential project Eminente at Goregaon in Mumbai, the 2nd phase of its residential project, Aura at Gurgaon in NCR. The first phase of Aqualily apartments at Mahindra World City in Chennai was also launched during the year by a subsidiary of the Company, Mahindra Residential Developers Limited. All these launches met with a good response from customers.
Sales of residential units by the Company (together with those of its subsidiaries) more than doubled for the half year ended September 2010, at Rs. 348 crores as against Rs. 152 crores in the previous year corresponding period.
During the quarter, the company acquired land with a development potential of 150,000 sq ft in Kandivli, Mumbai and 225,000 sq ft at Ghatkopar, Mumbai.
The Company's subsidiary, Mahindra World City, Chennai, signed up with Tridon (Australia), NTN Corporation (Japan), Alpha Packaging and JSP foams (Japan) adding 4 more customers during H1 F11 and taking the total number of customers to 53, of which 34 are operational.
At Mahindra World City, Jaipur, all the three Special Economic Zone areas of IT, Light Engineering, and Handicrafts, as well as the Domestic Tariff Area (DTA) were activated with customers initiating construction activity and / or operations. MWC Jaipur, today has 3 operational customers with another 6 having initiated construction including ICICI Bank in the DTA.
The Company's Consolidated Operating Income for H1 FY11 is at Rs. 210.78 crores compared to Rs. 144.29 crores in H1 FY10 registering an increase of 46%. The Consolidated PAT, after minority interest, is at Rs 43.85 crores in H1 F11 compared to Rs 21.45 crores in H1 F10 registering an increase of 104%. The unaudited consolidated results have not been subjected to a limited review.
About Mahindra Lifespace Developers Ltd
Mahindra Lifespace Developers Ltd has been in the forefront of Urban Development in the country. A part of the US $ 7.1 billion Mahindra Group, the company enjoys a reputation of being the pioneer in the development of integrated business cities and delivering quality living spaces that not only offer its customers healthy living but also the comfort of fair and transparent dealings backed by the trust and credibility of the Mahindra Group. The Company has developed residential and commercial properties in Mumbai, Pune, Delhi NCR, Chennai and the Mahindra World Cities at Chennai and Jaipur.
Mahindra Lifespaces has been ranked amongst India's "Top Ten Builders" in the Year 2010 in a perception based survey conducted by Construction World.
###
space
space
Satisfied Users & 
Approved Press Releases
Print
Email
Report Spam