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Godrej Properties Q4 net profit at Rs 62.58 crore

LiveMint logoLiveMint 04-05-2017 Bidya Sapam

Mumbai: Real estate company Godrej Properties Ltd (GPL) Thursday posted a net profit of Rs 62.58 crore in the March quarter against a Rs 10.74 crore loss a year ago as sales rose.

In a stock exchange filing, the Mumbai based-firm said its total income during the quarter stood at Rs 464.83 crore, up 19.3% from a year ago. It saw a total booking value of Rs 340 crore during the quarter.

In the full year ended 31 March, GPL’s net profit increased by 29.4% to Rs 206.80 crore from Rs 159.76 crore posted in the previous financial year.

Income in 2016-17 was Rs 1708.34 crore, down 24.14% from Rs 2,252 crore the previous year. During the year, GPL had a total booking volume of 3,109,240 sq. ft. worth around Rs 2,020 crore. While residential projects recorded a booking value of Rs 1,784, commercial projects saw booking of around Rs 237 crore.

“FY17 has been a strong year for business development as we added 7 new projects with a saleable area of 18 million sq. ft. We entered the Noida market and sold more than 1 million sq. ft. despite weak market conditions,” said Pirojsha Godrej, executive chairman, Godrej Properties Ltd.

On Wednesday, the company had announced that it sold over 1,000 apartments across three new projects Mumbai, National Capital Region (NCR) and Pune .

Godrej Origins, a residential project - part of a mixed used development The Trees in Mumbai witnessed sales of 130 apartments within the first week of launch. Around 500 apartments were sold within the first month of its launch at The Suites at Godrej Golf Links in Greater Noida while Godrej 24 in Pune saw sales of over 450 apartments within the launch weekend, the company said.

Shares of Godrej Properties closed at Rs 531.55, down 2.32% from the previous day, while the BSE Sensex closed 0.77% at 30,126.21 points.

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