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Business News/ Companies / Godrej Properties posts 9% drop in net profit
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Godrej Properties posts 9% drop in net profit

Net profit falls to Rs48.34 crore from Rs53.21 crore in the year-ago quarter

An increase of almost 74% in the cost of transactions hit Godrej Properties’s profit in the March quarter. Premium
An increase of almost 74% in the cost of transactions hit Godrej Properties’s profit in the March 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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Published: 02 May 2014, 01:38 PM IST
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