BackGodrej Properties net profit growth flat in second quarter
Consolidated net profit increases to `34 crore from `33 crore a year earlier
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Mumbai:Godrej Properties Ltd (GPL), the Mumbai-based realty arm of the Godrej Group, announced a marginal increase in its net profit for the July-September quarter.
Consolidated net profit for the company, which has real estate projects in 12 cities across India, increased to ₹ 34 crore from ₹ 33 crore a year earlier, and income from operation increased 32% to ₹ 306.5 crore.
Stand-alone profit, however, dropped 22% to ₹ 24 crore, the company said on Wednesday, blaming weak market conditions and a lack of new launches during the September quarter for moderate sales. Godrej Properties added only one new project with 1.2 million sq. ft of saleable area in Gurgaon during the quarter.
“In a tough operating environment, the second quarter witnessed strong growth, a successful capital raise and the expansion of our development portfolio. We are steadily building our development portfolio by adding joint venture projects in key markets across India. We continue to place tremendous emphasis on execution at all our on going projects," said Pirojsha Godrej, managing director and chief executive officer, in a statement.
The company raised ₹ 700 crore through a rights issue during the September quarter.
Shares of Godrej Properties rose 0.26% to ₹ 368 apiece on BSE at 1:15pm, while the Sensex gained 0.26% to 20,983.59 points.
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