Godrej Properties net up 16-fold to Rs 18 cr

Godrej Properties, promoted by Godrej group, posted a 16-fold growth in its net profit for the December quarter of fiscal 2010 on the back of strong bookings.

The company posted a net profit of Rs 17.59 crore for the quarter ending December compared with Rs 1.43 crore it posted in the corresponding quarter in the previous financial year.

Its total income during the quarter was up 115 per cent to Rs 18.54 crore compared with Rs 8.60 crore posted in the December quarter of fiscal 2009.

"The economy has recovered and real estate sector has also improved correspondingly. The corresponding quarter of previous quarter was one of the worst quarters and we did good business in the just concluded quarter," explained Adi Godrej, chairman of Godrej Propeties.

For the nine months ending December, the company's net profit was up 16 per cent to Rs 65.16 crore as compared to Rs 56.16 crore in the previous year. However, the company's total income went down by 54 per cent to Rs 49.41 crore during the April-December period compared to Rs 107.77 crore in the corresponding period last year.

"I do not think interest rates will go up much and home sales to be robust in the coming quarters. Our main problem is in getting all approvals and start selling the project. We will launch mixed use projects, residential townships in the coming quarters,'' he said.