Realty firm Godrej Properties' Q3 profit dips 69% to Rs 14.35 crore

Realty firm Godrej Properties on Thursday reported a 69 per cent decline in its consolidated net profit at Rs 14.35 crore for the quarter ended December on lower income.

Its net profit stood at Rs 46.6 crore in the year-ago period.

Total income of the company fell to Rs 311.12 crore in the third quarter of this fiscal year, from Rs 517.47 crore in the corresponding period of the previous year, according to a regulatory filing.

During April-December period of the 2020-21 financial year, Godrej Properties clocked a net profit of Rs 2.19 crore, registering a sharp drop from Rs 168.13 crore in the year-ago period.

Total income, too, fell to Rs 757.01 crore during the first nine months of this fiscal, from Rs 1,626.42 crore in the corresponding period of the previous year.

Mumbai-based Godrej Properties is the real estate arm of the Godrej group. It has projects in major cities such as Mumbai, Bengaluru, Delhi-NCR and Pune.