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