 "India's construction market to be third largest in the world by 2025")
Real estate firm Godrej Properties has posted a 10 per cent increase in its consolidated net profit at Rs 52 crore for the quarter ended December, compared with Rs 47.24 crore a year ago.
Income from operations fell to Rs 422.27 crore during the December quarter of this financial year, from Rs 519.30 crore in the corresponding period last year. While, total income also fell to Rs 450.3 crore, from Rs 538.6 crore in the year-ago period.
The profit was up as the company’s total expenditure declined to Rs 345.9 crore from Rs 457.7 crore, while other income rose to about Rs 28 crore, from Rs 19.3 crore a year ago. The booking value stood at Rs 1,214 crore, against Rs 548 crore in the same quarter previous year, registering a growth of 122 per cent. The sales stood at 1.03 million sq ft, compared with 701,729 sq ft, a growth of nearly 47 per cent.
However, sequentially the booking value and sales declined 38 per cent and 18 per cent for the second quarter at Rs 1,957 crore and 1.26 million sq ft, respectively.
“We have achieved sales bookings of over Rs 1,200 crore for the third consecutive quarter of this financial year despite a slow market,” said Godrej Properties MD and CEO Pirojsha Godrej.
The company’s shares were down 0.21 per cent on Tuesday on the BSE and closed at Rs 302.50.
Godrej Properties, which is the real estate arm of Godrej Group, is developing residential, commercial and township projects spread across 111 million square feet in 12 cities.
Recently, Godrej Properties entered Noida market through a development management agreement with local developer Lotus Greens to develop a group housing project in Noida. Spread over 36 acres, the project will offer around four million sq ft of saleable area. This will be the company's first project in Noida and sixth in the National Capital Region.
