Godrej Properties Q2 net profit down 77% at 23 cr

Its net profit was Rs 103.91 crore in the year-ago period, the company said in a regulatory filing. Income from operations also fell to Rs 329.55 crore in the July-September quarter this fiscal, from Rs 1,314.55 crore a year ago.

By Author  |  Published: 9th Nov 2016  4:20 pm

New Delhi: Godrej Properties on Wednesday reported 77 per cent fall in consolidated net profit at Rs 23.48 crore for the current fiscal’s second quarter ended September.

Its net profit was Rs 103.91 crore in the year-ago period, the company said in a regulatory filing.
Income from operations also fell to Rs 329.55 crore in the July-September quarter this fiscal, from Rs 1,314.55 crore a year ago.

The company’s profit has fallen due to sale of commercial space in Godrej BKC in Mumbai for about Rs 1,500 crore in the same quarter last year.

Excluding the large Godrej BKC deal, net profit increased by 6-fold to Rs 23 crore as compared to Rs 4 crore, the company said. During the second quarter of 2016-17 fiscal, total booking value stood at Rs 600 crore and total booking volume at 7,36,891 sq ft.

Residential projects recorded booking value of Rs 478 crore and booking volume of 6,86,028 sq ft in quarter under review; commercial projects recorded booking value of Rs 122 crore and booking volume of 50,863 sq ft.

Godrej Properties MD and CEO Pirojsha Godrej said: “I am extremely encouraged by the response to our new project launch in Thane. We have followed that up with another successful launch in Greater Noida in third quarter of FY17. With a number of important launches, I expect a strong second half of the financial year.”

Godrej Properties, the real estate arm of the Godrej Group, is developing residential, commercial and township projects spread across approximately 129 million sq ft in 12 cities.