Godrej Properties posts Rs 42-cr net profit in Q3, clocks record Rs 1,504 cr housing sales

Godrej Properties Monday reported a consolidated net profit of Rs 41.63 crore for the December 2018 quarter, on account of higher sales.

It had posted a net loss of Rs 54.75 crore in the corresponding quarter of 2017-18, the company said in a regulatory filing.

The company's total income rose to Rs 430.70 crore, compared with Rs 308.29 crore a year ago.

"Q3 FY19 was the best-ever quarter for residential sales in the company's history with total sales (including commercial) for the quarter growing at 89 per cent to Rs 1,528 crore. We had strong launches across Mumbai, NCR, Bengaluru, Pune and Ahmedabad. As we commence the final quarter of the financial year, we look forward to building on this momentum," said Godrej Properties Executive Chairman Pirojsha Godrej.

He said the housing segment contributed record Rs 1,504 crore during the third quarter of the current financial year.

"Our sales bookings bounced back during the third quarter of this fiscal," Godrej said.

During the quarter ended December 2018, Godrej Properties sold 2.8 million sq ft of land worth Rs 1,528 crore, compared with 1.43 million sq ft worth Rs 1,220 crore in the corresponding period of the previous year.

Godrej Properties is the real estate arm of business conglomerate Godrej Group.