Godrej Properties Q2 net profit up 36% at Rs 46.6 crore

MUMBAI: Realty major Godrej Properties today reported a 36 per cent increase in consolidated net profit at Rs 46.6 crore for the quarter ended September 30, mainly on the back of lower tax outgo and minority interest payment.

The Mumbai-based company had reported a net profit of Rs 34.25 crore in a year-ago period.

Total income from operations declined by four per cent to Rs 293.97 crore from Rs 306.49 crore in the corresponding quarter last fiscal.

The company's tax expenses declined 64.15 per cent from Rs 31.89 crore to Rs 11.43 crore. The minority interest payment declined by 64 per cent to Rs 8.58 crore during the quarter from Rs 26.33 crore in the comparable period.

"Despite a challenging environment, the sales have improved mainly because of the project launches. The profit numbers have improved mainly because of lower tax outgo and minority interest payment. The minority interest is less due to lower revenue recognition from our project in Mumbai --Godrej One, which is on profit sharing model," company's Managing Director and CEO Pirojsha Godrej told reporters here.

During the quarter, the booking value increased by 164 per cent to Rs 880 crore while booking volume increased by 177 per cent to 1.40 million sqft.

The company also launched four new projects/phases across Mumbai, Gurgaon and Bangalore.

"We look forward to delivering an even stronger performance in the second half of the fiscal," he added.