Godrej Prop net falls 69%, readies $1 bn war chest

Realty firm Godrej Properties reported a 69 percent decline in its consolidated net profit at Rs 14.35 cr ore for the quarter ended December on lower income.

Its net profit stood at Rs 46.6 cr ore in the y ear-ago period.

Total income of the company fell to Rs 311.12 cr ore in the third quarter of this fiscal y ear, fr om Rs 517.47 crore in the corresponding period of the previous year, it said.

The company is readying a war chest of about $1 billion to acquire land, assets, and under-construction projects from other builders facing stress due to the coronavirus pandemic.

These acquisitions will help the company expand the topline and the mar ket share.

The company today a pproved an ena bling r esolution to raise Rs 3,750 crore through the issue of debt and equity.

Meanwhile, Godrej Agrovet reported a 33.11 per cent g rowth in its consolidated net pr ofit to Rs 68.09 cr ore for the December quarter.