Prof­its of Go­drej Prop­er­ties dips by 46% to ₹23 crore

Hindustan Times (Chandigarh) - Estates - - ESTATES - Bidya Sa­pam n

Real es­tate firm Go­drej Prop­er­ties Ltd (GPL) posted a 46% de­cline in its con­sol­i­dated net profit to ₹23.37 in the sec­ond quar­ter of the year that ended June 30, due to higher fi­nance cost and weak earn­ings dur­ing the pe­riod.

In a fil­ing to the Bombay Stock Ex­change (BSE), the com­pany said its rev­enue from op­er­a­tions dur­ing the first quar­ter this fi­nan­cial year de­clined by 18% to ₹248.85 crore as com­pared to the same pe­riod last year.

Its to­tal in­come in­creased by 3.6% to ₹345.03 crore mainly on the back of profit earned on sale of 100% stake in Go­drej In­vest­ment Ad­vis­ers Lim­ited.

How­ever, the Go­drej group firm said it has wit­nessed a record book­ing value dur­ing the first quar­ter to ₹1,474 crore.

In the cor­re­spond­ing quar­ter last fi­nan­cial year the com­pany recorded to­tal book­ing value of ₹387 crore with to­tal book­ing vol­ume of 592,715 sq ft.

Dur­ing the re­port­ing quar­ter, the com­pany also added four new projects with 4.9 mil­lion sq. ft. of saleable area in Mum­bai, Pune and Na­tional Cap­i­tal Re­gion (NCR).

Piro­jsha Go­drej, ex­ec­u­tive chair­man Go­drej Prop­er­ties Ltd said the com­pany has recorded high­est ever res­i­den­tial book­ing sales in a quar­ter.

“We had one of our best ever quar­ters in terms of op­er­at­ing cash flow. We look for­ward to build­ing on this mo­men­tum in the year ahead,” he said

Dur­ing the 12-month pe­riod ended March 31, the Go­drej group firm recorded a net profit of ₹208.80 crore while it posted a to­tal in­come of ₹1,708.35 crore.

Share price of GPL were trad­ing at Rs 505.00, down 1.96% from the pre­vi­ous close while Sen­sex was down 0.16% at 32 522 67

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