Godrej Properties Q3 net profit rises 26% to Rs. 47.24 crore

Mumbai, February 2015 –  Realty firm Godrej Properties Ltd on Tuesday reported 26 per cent increase in consolidated net profit at Rs. 47.24 crore for the quarter ended December 31 on the back of higher sales.

Its net profit stood at Rs. 37.36 crore in the year ago period, the Mumbai-based firm said in a filing to the BSE.

Income from operations jumped more than two-fold to Rs. 519.30 crore during the third quarter of this fiscal from Rs. 241.95 crore in the corresponding period of the previous year.

Total income increased to Rs. 538.64 crore for the quarter ended December 31, 2014 from Rs. 253.92 crore in the year-ago period.

During October-December quarter, Godrej Properties achieved 37 per cent growth in volume and 28 per cent growth in value of sales bookings.

“Q3 FY 2015 witnessed total booking value of Rs. 548 crore and total booking volume of 7,01,729 sq ft as compared to total booking value of Rs. 428 crore and total booking volume of 5.13,641 sq ft in Q3 FY 2014,” the company said in a statement.

Commenting on the financial performance, the company’s MD & CEO Pirojsha Godrej said, “In the first nine months of the financial year, we have delivered 48 per cent growth in total income, 26 per cent growth in net profit and 97 per cent increase in the volume of sales bookings.”

He expressed hope that the company would maintain the sales and execution momentum.

Godrej Properties is currently developing residential, commercial and township projects spread across 9.3 million sq meters (104 million sq ft) in 12 cities.