Mahindra Lifespaces, real estate development arm ofMahindra and Mahindra registered a 39 per cent growth in net profits to Rs 14.48-crore in Q1 of FY 11, driven largely by tremondous performance in the residential segment. The company’s net profit in the corresponding period last year was Rs 10.42-crore. The operating income of the company also registered a 44 per cent increase, rising to Rs 67.93-crore as compared to Rs 47.26-crore the year before.
“The growth in the commercial real estate has been subdued over the last year, but we have concentrated on residential real estate to compensate for it which has led us to good numbers,” company Chairman, Arun Nanda, said addressing shareholders at the firm’s annual general meeting .
On the integrated townships front–under which the company develops a mix of commercial and residential property–the company has begun acquisition process for a 3,000-acre world city near Pune and 1,000-acre world city in Chennai near the port to focus on manufacturing units, Nanda said.
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