New Delhi: Mumbai-based Mahindra Lifespace Developers consolidated net profit dropped by a massive 90 percent at Rs 1.99 crore for the third quarter of the current financial year as compared to Rs 19.43 crore in the same period of the previous fiscal.
The company’s total income declined 38 percent to Rs 85 crore in the third quarter if the ongoing fiscal as against Rs 137.37 crore in the corresponding quarter of the previous financial year, it said in a regulatory filing.
The board of the company approved the issue and allotment of 2,150 new fully paid-up equity shares of Rs 10 each to the eligible employees as ESOP.
The company launched 0.9 million square feet of residential spaces in the third quarter of the current fiscal. It achieved sales of Rs 196 crore by selling 0.26 million square feet in the latest quarter. It attained collections of Rs 242 crore and given out possession of 276 units. The realty firm completed 0.43 million square feet of development.