Mahindra Lifespace profit up 8-fold

Mahindra Lifespace Developers, part of the Mahindra Group, on a consolidated basis, has recorded over eight-fold rise in net profit at ₹179 crore (₹22 crore) for the quarter ended June 30, 2014. Total income rose to ₹437 crore (₹183 crore). Revenue for the quarter includes the sale amount of ₹263 crore from Mumbai property. Anita Arjundas, Managing Director & CEO, said, “The quarter commenced with the sale of the Byculla property in Mumbai wherein the company had developments rights, bringing to close a long pending matter.” On Thursday, the company scrip closed 5.90 per cent higher at ₹586.30 on the NSE.