Godrej Properties Q3 profit up 9 pc at Rs 45cr; sales bookings down 22 pc at Rs 1,189 cr

Realty firm Godrej Properties Ltd on Monday reported a 9 per cent increase in its consolidated net profit at Rs 45.46 crore for the quarter ended December on higher income.

Its net profit stood at Rs 41.63 crore in the year-ago period.

Total income rose to Rs 517.47 crore in the third quarter of this fiscal as compared to Rs 430.7 crore in the corresponding period of the previous year, the company said in a regulatory filing.

According to the investor' presentation, the company's sales bookings fell 22 per cent to Rs 1,189 crore in the October-December quarter, compared to Rs 1,528 crore in the year-ago period.

Sales bookings in volume terms fell 44 per cent to 15.83 million sq ft.

Godrej Properties delivered around 1.7 million sq ft during the third quarter.

"The overall environment in the real estate sector remains challenging but we continue to believe that the ongoing consolidation in the sector provides Godrej Properties a tremendous opportunity to drive market share growth in residential real estate," the company's Executive Chairman Pirojsha Godrej said.

During the December quarter, Godrej Properties added four new projects, of which three are in joint ventures, comprising saleable area of around 12.7 million sq ft.

"We expect to end the year on a strong note with a large number of project launches and project additions expected in the upcoming weeks," he added.