Godrej Properties Q1 Net up 9% at Rs 43 crore

The company is currently developing residential, commercial and township projects spread across around 128 million sq ft in 12 cities

Realty player Godrej Properties on Tuesday reported a 9.19% increase in consolidated net profit at Rs 43.48 crore for the quarter ended June 30, on improved sales.

The company had posted a net profit of Rs 39.82 crore in the corresponding period last financial year.

Total income for April-June period stood at Rs 332.81 crore as against Rs 230.28 crore a year-ago, registering a growth of 44.52%.

"After a good performance in FY2015-16, we have made a steady beginning in the first quarter of this financial year. We expect to significantly ramp up sales in the months ahead," company's Managing Director and CEO Pirojsha Godrej said.

April-June quarter witnessed total booking value of Rs 387 crore and total booking volume of 592,715 sq ft compared with total booking value of Rs 1,251 crore and total booking volume of 1,321,385 sq ft in Q1 financial year 2016.

While residential projects recorded booking value of Rs 312 crore and booking volume of 549,720 sq ft, commercial projects recorded booking value of Rs 75 crore and booking volume of 42,995 sq ft in Q1 of this financial year.

During the quarter, the company delivered 1.94 million sq ft, which includes 1.28 million sq ft of commercial and 0.66 million sq ft of residential space across three cities including Mumbai, Ahmedabad and Bengaluru.

The company also added two new projects with 13 million sq ft of saleable area in Q1 financial year 2017 in Greater Noida, marking its foray into the market.

Godrej Properties is currently developing residential, commercial and township projects spread across around 128 million sq ft in 12 cities.