Godrej Properties Q4 profit jumps 4-fold to Rs 157cr; to raise up to Rs 2,500cr

Realty firm Godrej Properties Tuesday reported nearly four-fold jump in its consolidated net profit to Rs 156.66 crore for the fourth quarter of last fiscal on higher sales.

The company had posted a net profit of Rs 42.28 crore in the year-ago period, the Mumbai-based developer said in a regulatory filing.

Total income more than doubled to Rs 1,203.21 crore during January-March quarter of 2018-19 from Rs 533.09 crore in the corresponding period previous year.

During the full 2018-19, Godrej Properties reported nearly three times jump in its net profit to Rs 253.15 crore as against Rs 86.91 crore in the preceding year.

Total income rose to Rs 3,221.98 crore in the last fiscal from Rs 2,102.36 crore in the 2017-18 fiscal.

The board, in its meeting held Tuesday, have approved raising of funds up to Rs 2,500 crore through issue of equity shares, preference shares, debentures and qualified institutions placement (QIP).

"We have posted our best ever quarterly performance in terms of the value and volume of real estate sold. This has also been the best ever quarter for business development in the history of company. We expect to further scale our business development and sales momentum in FY20, given our exciting launch pipeline across the country," said Pirojsha Godrej, Executive Chairman, Godrej Properties.