Godrej Properties Q3 net profit up 10% at Rs 52 crore

MUMBAI: Godrej Properties, real estate development arm of the Godrej Group, has reported 10 per cent year-on-year rise in consolidated net profit at Rs 52 crore for the quarter ended December. Total income for the quarter declined 16.5 per cent to Rs 450 crore, the company said in its earnings release.

During the quarter, the company also registered 30 per cent growth in its operating profit to Rs 108 crore.

"I’m happy to note that we have surpassed Rs 1,200 crore in sales for the third consecutive quarter of this financial year. We are especially excited by the customer response to the launch of ‘The Trees’ in Vikhroli which was the most successful launch in the history of GPL in terms of value sold in the launch quarter. As we commence the final quarter of the financial year, we look forward to building on this momentum," said Pirojsha Godrej, Managing Director & CEO Godrej Properties.

The company achieved bookings for 93 per cent of launched inventory or 348 apartments worth Rs 862 crore at its recently launched The Trees at Vikhroli suburb of Mumbai within a month of its launch. During the quarter, the company achieved total booking value of Rs 1,214 crore, up 122 per cent from a year ago.

Godrej Properties delivered 1.54 million sq ft during the quarter including 1.34 million sq ft of commercial space at Godrej Genesis, Kolkata and 0.2 million sq ft of residential space at Godrej Horizon, Pune.

The company’s net debt rose 13 per cent sequentially to Rs 2,532 crore, while net debt equity ratio stood at 1.26 times as on December end.

In January, the company has added two new projects, one each in Thane and Noida, with total 5 million sq ft of saleable area.