Realty firm Godrej Properties Ltd today reported a 10 per cent increase in its consolidated net profit at Rs 51.99 crore for the December quarter despite a fall in sales.
Its net profit stood at Rs 47.24 crore in the year-ago period, the Mumbai-based Godrej Properties, the real estate arm of the Godrej Group, said in a filing to BSE.
Income from operation declined to Rs 422.27 crore during the third quarter of this fiscal, from Rs 519.30 crore in the same period of the previous year.
Total income fell to Rs 450.29 crore in the quarter under review, from Rs 538.64 crore in the year-ago period.
Profits went up because the company’s total expenditure declined to Rs 345.95 crore from Rs 457.68 crore while other income rose to Rs 28.01 crore in October-December from Rs 19.34 crore a year earlier.
“Our profit has gone up by 10 per cent. Income was lower as construction in the projects has not reached to revenue recognition stage,” Godrej Properties MD and CEO Pirojsha Godrej said.
“We have achieved a sales bookings of more than Rs 1,200 crore for the third consecutive quarter of this financial year despite a slow market,” he added.
Buoyed by the customer response to the launch of its project ‘The Trees’, which was the most successful launch in terms of sales value in the launch quarter, Godrej said: “As we commence the final quarter of the financial year, we look forward to building on this momentum.”
The company’s share price fell 0.21 per cent to Rs 302.50 apiece on BSE.
Godrej Properties is developing residential, commercial and township projects spread across 111 million square feet in 12 cities.
Last month, the company tied up with the Vihang group for development of a housing project on a 15-acre land in Thane, Mumbai. It also forayed into the Noida property market by partnering with local developer Lotus Greens.
Godrej Properties entered into a development management agreement to develop a group housing project in Noida. Spread over 36 acres, the project will offer around four million sq ft of saleable area. This will be the company’s first project in Noida and sixth within the National Capital Region.