Godrej Properties Q4 net up 4 pc at RS 59.99 cr

NEW DELHI: Godrej Properties today reported 4.33 per cent jump in its consolidated net profit for the quarter ended March 31, 2011 to Rs 59.99 crore.

The company had posted a net profit of Rs 57.50 crore in the corresponding period last year, Godrej Properties said in a filing to the Bombay Stock Exchange (BSE).

The consolidated total income from operations during the fourth quarter also increased by over two fold to Rs 327.81 crore from Rs 151.42 crore in the year-ago period.

For the entire 2010-11, the company's consolidated net profit went up by 6.55 per cent to Rs 130.86 crore from Rs 122.81 crore in the previous fiscal.

The consolidated total income from operations during last fiscal soared by 86.03 per cent to Rs 451.50 crore from Rs 242.70 crore in 2009-10.

The company's board has also recommended a dividend of 45 per cent, which Rs 4.5 per equity share, for 2010-11.

Besides, the board also approved reappointment of Pirojsha Godrej as the Executive Director of the firm for three years with effect from November 1, 2011.

Commenting on the results, Godrej Properties Chairman Adi Godrej said: "...FY 2011 was excellent in terms of financial and operational performance... We expect to sustain growth in the years ahead given the company's distinct joint development business model, the Godrej brand advantage and our track record of successful development".