Mahindra Lifespace Developers Ltd. (MLDL) the real estate and infrastructure development arm of the Mahindra Group today registered a 361 % rise in its net profit after tax at Rs 65.38 Crore in F-2008 against Rs 14.18 Crore in the last year.

The company has reported robust growth in turnover and profits for the financial year ended 31st March ’08. The total income for the year increased from Rs. 163.26 Cr to Rs. 219.96 Cr registering a growth of 35 %. Profit before Tax has increased by 298 %, to stand at Rs. 83.78 Cr compared to Rs. 21.06 Cr during the previous year. Profit after tax increased by 361 %, from Rs. 14.18 Cr to Rs. 65.38 Cr. The Basic Earnings Per Share (EPS) is now Rs. 16.00 compared to Rs. 3.82 during the previous year.

Q4

Total Income for the fourth quarter has moved up from Rs. 37.80 Cr to Rs. 69.03 Cr registering a growth of 83 %. Profit before Tax for the quarter has grown by 6078 % from Rs. 0.49 Cr to Rs. 30.27 Cr and Profit for the period after Tax has improved from Rs. 0.80 Cr to Rs. 25.49 Cr, a gain of 3086%.

Dividend

The Board has recommended payment of dividend on the 10.5 % Non-Cumulative Redeemable Preference Capital and 25 % on the outstanding Equity Capital. Together with the dividend distribution tax, the amount absorbed would be Rs. 13.16 Cr.

The Company has already established itself as a leading player in the growing realty market. MLDL is the only corporate entity to have pioneered the Green Concept in the residential space. MLDL has made its mark as one of the principal developers of Special Economic Zones, having the distinction of promoting the first successful SEZ in the private sector at Chennai, now popularly know as Mahindra World City. The Company’s second SEZ at Jaipur is also progressing well and the first group of clients will start operations in July’08.

Sourced From: Adfactors Public Relations Pvt Ltd

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