Godrej Properties Q1 profit down 46% at Rs23 crore
Mumbai: Real estate developer Godrej Properties Ltd (GPL) Wednesday posted a 46% decline in its June quarter consolidated net profit to Rs23.37 crore from a year ago due to higher finance costs and weak earnings.
In a filing to the BSE, the company said revenue from operations fell 18% to Rs248.85 crore from a year ago. Total income increased by 3.6% to Rs345.03 crore mainly on the back of profit earned on sale of 100% stake in Godrej Investment Advisers Ltd.
Godrej Properties shares fell following the earnings release. At 2.40 PM, they were trading at Rs506.05 on the BSE, down 1.76% from their previous close, while the benchmark Sensex index was down 0.06% at 32,555.39 points.
During the quarter, the company added four new projects with 4.9 million sq. ft. of saleable area in Mumbai, Pune and National Capital Region (NCR).
The company recorded an all-time high booking value of Rs1,474 crore in the June quarter, compared with Rs387 crore a year ago.
“We had one of our best ever quarters in terms of operating cash flow. We look forward to building on this momentum in the year ahead,” executive chairman Pirojsha Godrej said.
During the 12-month period ended 31 March, the company recorded a net profit of Rs208.80 crore on a total income of Rs1,708.35 crore.