Riding on strong customer demand, Godrej Properties (GPL), a Godrej group company, today reported a 64 per cent growth in consolidated net profit at Rs 122.81 crore for the financial year ended March 2010.
The company's total income for the year has gone up by 53.2 per cent to Rs 456 crore from Rs 298 crore in the previous year.
"This includes a profit of Rs 139.85 crore from the private equity deals with HDFC PMS and Milestone," Godrej Properties Chairman Adi Godrej told reporters here today.
The company had a consolidated net profit of Rs 74.68 crore in the previous fiscal.
Godrej Properties handed over 3.9-million square feet developed area and 1.89-million sq feet area was booked during 2009-10. GPL has been developing a 40-million sq ft town ship in Ahmedabad, Godrej said.
The board has recommended a dividend of 40 per cent compared to last year's 25 per cent, he said.
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The company plans to raise money to fund its future projects coming up this fiscal and the next, he said, without divulging the amount the company was eyeing.
"As of now our debt-equity ratio is as low as 0.54 which means we can afford to go up. We have to raise equity also, either through a QIP or PE investment," he said.
The company is planning to grow its footprint in four new cities as well, thus taking the total number of cities where GPL has its presence to 10.
During the January-March quarter, the consolidated net profit increased by over threefold to Rs 57.5 crore from Rs 18.1 crore in Q4 FY09.