Godrej Properties posts 9% drop in net profit
Net profit falls to Rs48.34 crore from Rs53.21 crore in the year-ago quarter
Mumbai: Godrej Properties Ltd, the real estate arm for the Godrej Group, posted a 9% drop in net profit for the March quarter.
The developer, which is present in both residential and commercial real estate projects space, said net profit fell to ₹ 48.34 crore from ₹ 53.21 crore in the year-ago quarter. Total income from operations increased 38% to ₹ 429.1 core while sales also rose 38% to ₹ 386.2 crore.
An increase of almost 74% in the cost of transactions hit the profit of the company.
At 12.33pm, shares of Godrej Properties were trading at ₹ 213.45 apiece on BSE, down 3.2% from their previous close, while the benchmark Sensex rose 0.18% to 22,457.97 points.
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