Mumbai: Real estate firm Godrej Properties Ltd (GPL) on Friday said its net profit dropped 66.4% to Rs25.94 crore in the quarter ended 31 December, primarily due to a rise in expenses during the period.

The company posted a 22% increase in total income to Rs674.31 crore year on year. Total expenses in the third quarter rose 42.5% to Rs622.79 crore from Rs436.76 crore a year earlier, the company said in a filing with the BSE.

The Godrej group firm said booking value during the quarter stood at Rs1,220 crore compared with the total booking value of Rs693 crore recorded in the third quarter of the last financial year.

“We registered another strong operational quarter with sales of more than Rs1,200 crore and net operating cash flow in excess of Rs300 crore. Our booking value for the year has increased by 140% and we look forward to building on this momentum in 2018," Pirojsha Godrej, executive chairman of Godrej Properties Ltd said in a statement.

The company said it had added three new projects with 5.25 million sqft of saleable area in January 2018. This included the launch of its first plotted development project in north Bengaluru. It also entered into partnerships to develop residential projects, one each in Bengaluru and the National Capital Region (NCR).

Shares of GPL were down 0.27% at Rs806.60 while Sensex was down 2.26% at 35,096.28 points.