Godrej Properties, the real estate arm of the Godrej Group, today logged a 6 per cent increase in net profit at Rs 51.44 crore for the quarter ended March due to higher sales.
The Mumbai-based company's net profit stood at Rs 48.34 crore in the year-ago period.
Its total income rose to Rs 718.07 crore during the fourth quarter of FY15, from Rs 435.64 crore a year ago.
"This has been the best financial year for Godrej Projects as we reported the highest sales in volume as well as value terms, despite a challenging environment," its Managing Director and CEO Pirojsha Godrej told reporters here.
The marginal increase in profit was a result of a significant increase in expenditure during the quarter to Rs 608.86 crore from Rs 354.97 crore in Q4 of 2013-14.
"As many projects reached revenue recognition threshold, the corresponding cost of sales increased accordingly, resulting in a rise in the total expenditure," he said.
During 2014-15, the company posted a net profit of Rs 190.90 crore as against Rs 159.43 crore in the previous fiscal.
Its total income rose to Rs 1,926.56 crore in FY15 from Rs 1,254.22 crore in the previous year.
"During the year, we registered a booking volume of 3.6 million sq ft and booking value of Rs 2,398 crore in the residential segment, which translates into an increase of 69 per cent and 58 per cent, respectively, over FY14. We look forward to further improving our performance in FY16," Godrej said.
The company is also planning to launch 14 residential projects during FY16, which will mainly be in its existing areas of operations.
"We see the environment changing compared with the last fiscal. Some of the projects which we had planned to launch last fiscal were delayed due to various reasons. So, the 14 new projects will have a carry-forward of nearly 4-5 projects of the previous fiscal," Godrej said adding, "We may also launch a commercial project in Vikhroli in suburban Mumbai.
