Godrej Properties Q4 net profit down 65% to Rs 18 cr

Godrej Properties today reported 65% fall in consolidated net profit to Rs 17.92 crore for the quarter ended March on lower sales.

Its net profit stood at Rs 51.44 crore in the year-ago period, the Mumbai-based developer said in a regulatory filing.

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Income from operations also fell by 26% to Rs 515.59 crore for the fourth quarter of last fiscal, 2015-16, from Rs 697.98 crore in the January-March period of the previous fiscal.

For the entire 2015-16 fiscal, Godrej Properties' net profit was up 21% to Rs 231.10 crore, from 190.9 crore in the previous financial year.

Income from operations increased by 43% to Rs 2,633.96 crore during last fiscal from Rs 1,843.09 crore in the 2014-15.

Godrej Properties, the real estate arm of the Godrej group, is developing residential, commercial and township projects spread over 115 million sq ft in 12 cities.

Last week, the company acquired additional 49% stake in its subsidiary Happy Highrises from Karelides Traders for Rs 248.50 crore.

Godrej Properties earlier had 51% stake in Happy Highrises. Post the acquisition, the company has increased its shareholding to 100%.