Godrej Properties clocks Rs 63 cr profit in March quarter

Realty firm Godrej Properties today reported a consolidated net profit of Rs 63 crore for the quarter ended March.
The company had posted a net loss of Rs 12 crore in the year-ago period.
Total income increased by 21 per cent in the fourth quarter of last fiscal to Rs 475 crore from Rs 392 crore in the corresponding period of the previous year, the Mumbai- based developer said in a statement.
Godrej Properties' net profit rose by 30 per cent at Rs 207 crore during the last fiscal from Rs 159 crore in the 2015-16 financial year.
The company's total income declined by 24 per cent at Rs 1,733 crore.

"FY17 has been a strong year for business development as we added seven 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," Godrej Properties Executive Chairman Pirojsha Godrej said.
The company has started this fiscal well and sold over 1,000 apartments with successful launches across Mumbai, Pune and NCR.
Godrej Properties is currently developing residential, commercial and township projects spread across 133 million sq ft in 12 cities.