Godrej Properties Q4 net up 38% to Rs 53 cr

Godrej Properties today reported 34% increase in its consolidated net profit at Rs 53.2 crore for the fourth quarter of 2012-13 fiscal on lower tax outgo.

The company had posted a net profit of Rs 39.8 crore in the year-ago period, Godrej Properties, the realty arm of the Godrej Group, said in a filing to the BSE.

The total income declined by 16% to Rs 313.9 crore during the quarter ended March 31, 2013 from Rs 373.2 crore in the corresponding period of the previous fiscal.

Net profit increased despite fall in revenue as tax expenses fell to Rs 27.07 crore in the quarter ended March 31, 2013 from Rs 37.40 crore in the year-ago period.

In the full 2012-13 fiscal, the net profit rose by 41% to Rs 138.4 crore from Rs 97.9 crore in previous fiscal.

Total income increased by 28% to Rs 1,047.6 crore in 2012-13 fiscal from Rs 819.8 crore in the previous fiscal.

"FY2013 was a year of strong growth and continued momentum in our business with revenues, bookings and net profit growing significantly by 28 per cent, 71 per cent and 41 per cent, respectively," Godrej Properties Managing Director and CEO Pirojsha Godrej said.