Godrej Properties profit down 9% in fourth quarter

Mumbai, May 03, 2014 –Mumbai-based developer Godrej Properties has reported a slide in net profit of 9 per cent in the fourth quarter of FY-14 at Rs. 48.3 crore against Rs. 53.2 crore in the year-ago period.

The company’s total income from operations for the fourth quarter in FY-14 is Rs. 429.19 crore, against Rs. 311.86 crore in the corresponding period of FY-13.

According to Managing Director and CEO Godrej Properties Pirojsha Godrej, one of the reasons for the company’s muted net profit in Q4 on a year-on-year basis was the reported loss from sales of its commercial project at Godrej Waterside in Kolkata.

The real estate arm of the Godrej Group also recommended a dividend of Rs. 2 per equity share of Rs. 5 each to be paid as final dividend.

It added four projects in four cities with 9.6 million square feet of saleable area in Q4 of FY-14.

Commenting on the results, Godrej said: “We sustained growth in a challenging environment with revenues, EBITDA and net profit growing by 20 per cent, 21 per cent and 15 per cent, respectively, in FY 2014.

“We expect FY 2015 to be an exciting year for Godrej Properties, with major launches planned in all the top real estate markets of India.”

For the entire 2013-14 fiscal, Godrej Properties net profit rose by 15 per cent to Rs. 159.43 crore from Rs. 138.43 crore in the previous fiscal.

The company scrip closed at Rs. 213.25, down 7.25 points or 3.29 per cent from its previous close on the BSE on Friday.