Godrej Properties October-December net profit up 5%, income down 9%
Godrej Properties reported 5% YoY rise in consolidated net profit at Rs 37.36 cr for quarter ended Dec, the co said in a release. Total income for quarter declined over 9% to 241.95 cr.
By Kailash Babar, ET Bureau | Updated:
MUMBAI: Realty developer Godrej Properties reported 5 per cent year-on-year rise in consolidated net profit at Rs 37.36 crore for the quarter ended December, the company said in a release. Total income for the quarter declined over 9 per cent to 241.95 crore due to lower sales.
The Godrej Group’s realty development arm received total bookings worth Rs 428 crore, down 36 per cent from a year ago. Sales volume in terms of space also slipped 51 per cent to 0.5 million sq ft. Other income for the quarter stood at nearly Rs 12 crore against Rs 1.37 crore a year ago.
“We expect 2014 to be our best ever year for new launches with major launches planned in all the top real estate markets in India including a handful of high impact launches in Mumbai. We remain very confident of the reception these launches will receive even in the current market environment,” said Pirojsha Godrej, MD & CEO Godrej Properties.
During the quarter, Godrej Properties added 1 new project with saleable area of around 0.77 million sq ft in Bhandup suburb of Mumbai. The developer economic interest in this premium project is 56.5 per cent of revenues, the release said.
On Wednesday, shares of Godrej Properties closed at Rs 159.90 on the Bombay Stock Exchange, up 0.7 per cent over Tuesday’s close.
The Godrej Group’s realty development arm received total bookings worth Rs 428 crore, down 36 per cent from a year ago. Sales volume in terms of space also slipped 51 per cent to 0.5 million sq ft. Other income for the quarter stood at nearly Rs 12 crore against Rs 1.37 crore a year ago.
“We expect 2014 to be our best ever year for new launches with major launches planned in all the top real estate markets in India including a handful of high impact launches in Mumbai. We remain very confident of the reception these launches will receive even in the current market environment,” said Pirojsha Godrej, MD & CEO Godrej Properties.
During the quarter, Godrej Properties added 1 new project with saleable area of around 0.77 million sq ft in Bhandup suburb of Mumbai. The developer economic interest in this premium project is 56.5 per cent of revenues, the release said.
On Wednesday, shares of Godrej Properties closed at Rs 159.90 on the Bombay Stock Exchange, up 0.7 per cent over Tuesday’s close.
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