Adi Godrej-led Godrej Properties on Friday reported a drop of 12% in net profit at Rs 15.51 crore for the third quarter ended December 2010, from Rs 17.63 crore in the same quarter last year. The drop in profit was largely on the back of increase in cost of sales at Rs 37.38 crore, up from Rs 19.92 crore in the same quarter last year, led by various area revenue sharing agreements with its partners. During the quarter, the firm paid a tax of Rs 7.7 crore at a tax rate of 31% and Rs 2.43 crore as interest.
Revenues for the quarter were up 39% at Rs 48.17 crore from Rs 34.61 crore in the same quarter last year. Godrej Properties had earned Rs 14.97 crore during the quarter by off-loading some stakes in two of its projects to India Realty Excellence Fund and HDFC Portfolio Management Services.
Shares of Godrej Properties closed up 3.83% at Rs 610 on the Bombay Stock Exchange on Friday.
ZEEL net profit rises 6% to Rs 155 crore
Zee Entertainment Enterprises (ZEEL) registered PAT of Rs 155.45 crore, up 6.15%, for the quarter ended December 31, 2010, against Rs 146.43 crore during the corresponding quarter of the previous fiscal. ZEEL’s revenue rose 55% to Rs 824.88 crore against Rs 530.93 crore. The Ebitda margin stood at 27.2%. However, non-performance of its sports business has impacted the numbers.
Coromandel Q3 net profit increases
Coromandel International has reported a marginal hike in its net profit for the quarter ended December 31, 2010, to Rs 150.29 crore against Rs 146.12 crore during the same quarter last fiscal. Net sales for the quarter under review rose to Rs 2,047 crore against Rs 1,757 crore in the same quarter last fiscal. For the nine-month period, the net profit rose 61% to Rs 621.84 crore against Rs 386.13 crore.