Mahindra Lifespace Developers shares in morning trade on April 28, 2022 surged close to 8% to day high price of Rs. 398.20 as against the previous close of Rs. 369.85 per share on the NSE.
The sharp uptick in the stock price is on the back of healthy quarterly numbers with net sales more than doubling to Rs. 102.01 crore in the March ended quarter of Fy22. In the corresponding quarter of last year, the company's sales was reported at Rs. 41.51 crore.
Net profit came in at Rs. 86.31 crore as against Rs. 28.44 crore loss in the same quarter a year ago. In the December quarter, the construction and contracting firm posted a loss of Rs. 23.70 crore.
The company's earnings per share also increased in the March quarter to Rs. 5.59 per share.
The Board of Directors at its meeting held today, April 27, 2022, inter alia, has Recommended dividend of Rs.2 (i.e., 20%) per share on the equity shares of Rs.10 each for the financial year ended on March 31, 2022. The dividend on Equity Shares, if declared at the ensuing Annual General Meeting('AGM'), will be credited/ dispatched within five working days from the date of AGM.
On the NSE, the company's shares last traded at Rs. 379.5, up by over 2.61%.