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Mahindra Lifespace Developers has reported a dip of 91 percent in its net profit

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The company’s total income fell to Rs 85 crore in Q3 FY20, a dip of 38 per cent from Rs 137.37 crore it registered in the corresponding quarter of the previous year.

Mahindra Lifespace Developers has reported a dip of 91 per cent in its net profit during the third quarter of the financial year 2019-20. Its profit after tax (PAT) stood at Rs 1.81 crore as against Rs 20.58 crore it recorded in the similar quarter last year, the company said in a regulatory filing.

The company’s total income fell to Rs 85 crore in Q3 FY20, a dip of 38 per cent from Rs 137.37 crore it registered in the corresponding quarter of the previous year.

“The subdued investment sentiments in the economy has adversely impacted industrial land lease volumes,” said Sangeeta Prasad, managing director & CEO of the company.

The board approved issue and allotment of 2,150 new fully paid-up equity shares of Rs 10 each to the eligible employees pursuant to the exercise of options granted under employee stock options scheme 2012 (ESOS – 2012), at an exercise price of Rs 10 per share.

The company leased 6.26 acres for Rs 7.91 crore in integrated cities and industrial clusters business, it said in a press release.

Source: ET

(Note: The story has been published without modifications to the text. Only the headline and intro have been changed.)

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