Mahindra Lifespaces has announced its first quarter financial results for the fiscal year 2010-11. According to the report, it has registered a significant 39% net profit rise in the Q1 of the year.

Mahindra Lifespaces is the real estate development arm of the leading firm Mahindra and Mahindra. Its net profit is found out to be Rs 14.48crore in the April-June quarter of the current financial year.

For the similar quarter in the preceding year, the net profit for the firm was Rs10.42 crore.

According to the company officials, the major reason behind the 39% hike is its excellent performance in the residential segment. The company has informed this at the Bombay Stock Exchange in a filing.

The operating income of the company has gone up significantly in this quarter and has touched Rs 67.93-crore crore during the April-June quarter of fiscal year 2010-11.

It was Rs 47.26-crore for the year ago like period. The company's consolidated sales from its residential units were at Rs 92crore which was Rs 21crore in the June quarter in the previous year.