Realty major Godrej Properties Ltd has clocked net profit of Rs 32.91 crore in the second quarter ended September 30, down from Rs 44.70 crore posted in the year-ago period.
Total income declined to Rs 83.70 crore in Q2 FY 11 from Rs 98.88 crore in the corresponding period of the last fiscal, the Godrej Group firm said in a release here today.
However, its first half (H1 FY 11) net profit expanded to Rs 55.35 crore, as against Rs 47.68 crore in the year-ago period, while total income also rose to Rs 157.15 crore from Rs 117.73 crore in the year-ago period.
Godrej Properties Chairman Adi Godrej said demand in the residential segment continues to improve in many cities and "largely outstrips prevailing supply levels."
"We expect sustained opportunities and growth in the future. Godrej Properties remains committed to growth through its joint venture business model," he said.
The company has launched projects in eight cities.
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It has entered into a joint development (JD) agreement with Bombay Footwear to develop 1,50,000 sq ft of residential space in Chembur, Mumbai. Here, Godrej Properties will share 50 per cent of the revenue, the release added.
On residential sales, the company said they constituted over 1,20,000 sq ft in Q2 FY 11.