Godrej Properties Q1 net profit falls 46% to Rs 23.37 crore

Realty firm Godrej Properties today reported a 46 per cent decline in net profit to Rs 23.37 crore for the quarter ended June.
Its net profit stood at Rs 43.47 crore in the year-ago period.
Total income, however, rose 3 per cent to Rs 345 crore in the first quarter of this fiscal from Rs 333 crore in the corresponding period of the previous year.
"Our total sales for Q1 FY18 stood at Rs 1,474 crore which was our highest-ever residential sales in a quarter. We also added four new projects to our portfolio and had one of our best-ever quarters in terms of operating cash flow. We look forward to building on this momentum in the year ahead," said Pirojsha Godrej, Executive Chairman, Godrej Properties.

The Mumbai-based company is currently developing residential, commercial and township projects across about 138 million sq ft in 12 cities.