Godrej Properties Q3 net rises 10% at Rs 52 crore

Realty firm Godrej Properties today reported a 10% increase in its consolidated net profit at Rs 51.99 crore for the quarter ended December despite fall in sales.

Its net profit stood at Rs 47.24 crore in the year-ago period, Mumbai-based Godrej Properties, the real estate arm of the Godrej Group, said in a filing to the BSE.

Income from operation declined to Rs 422.27 crore during the third quarter of this fiscal from Rs 519.30 crore in the corresponding period of the previous year.

Total income fell to Rs 450.29 crore for the quarter ended December from Rs 538.64 crore in the year-ago period.

Profits went up because the company's total expenditure declined to Rs 345.95 crore from Rs 457.68 crore, while other income rose to Rs 28.01 crore from Rs 19.34 crore during the period under review.

Godrej Properties is developing residential, commercial and township projects spread across 111 million square feet in 12 cities.

Last month, the company tied up with Vihang group for development of a housing project on a 15-acre land in Thane, Mumbai. It also forayed into the Noida property market by partnering local developer Lotus Greens.

Godrej Properties has entered into a development management agreement to develop a group housing project in Noida. Spread over 36 acre, the project will offer around four million sq ft of saleable area. This will be company's first project in Noida and sixth within the National Capital Region.