Godrej Properties Q4 net profit more than doubles to Rs141.5 crore
During the last quarter, Godrej Properties received bookings worth Rs1,054 crore as compared to total bookings of Rs340 crore in the March 2017 quarter
Mumbai: Real estate firm Godrej Properties Ltd (GPL) on Friday announced that its net profit had more than doubled to Rs141.5 crore in the quarter ended 31 March, on the back of strong home sales recorded during the period.
The Godrej group firm had reported a net profit of Rs62.59 crore for the corresponding period a year earlier.
During the March quarter, the company’s total income stood at Rs848.56 crore, up 83.5% from Rs462.25 crore the previous year.
During the last quarter, GPL received bookings worth Rs1,054 crore as compared to total bookings of Rs340 crore in the March 2017 quarter.
For the full fiscal year ended 31 March 2018, GPL recorded a 13.6% increase in net profit to Rs234.96 crore, as against Rs206.80 crore in 2016-17. Total income jumped 40.5% to Rs2,390.67 crore from Rs1,701.38 crore a year earlier.
Sales for the full year hit a record high, with total bookings of Rs5,083 crore. Its total bookings in 2016-17 stood at Rs2,020 crore.
“We have completed the best ever year in GPL’s history... For the first time in its history, GPL has delivered sales of more than Rs1,000 crore for four consecutive quarters. We have also generated Rs1,868 crore of net operating cash flow in FY18, which has allowed us to reduce our debt by Rs653 crore while rapidly growing our company’s development portfolio,” Pirojsha Godrej, executive chairman, Godrej Properties, said in a statement.
During the fourth quarter, Godrej Properties added four projects spread across 6 million sq. ft of saleable area with two each in Bengaluru and the National Capital Region centred on Delhi, the firm said.
Separately, GPL on Friday said it will raise around Rs1,000 crore through issue of shares to a Singapore-based investment firm GAMNAT.
In a BSE filing, it said that it entered into an investment agreement to issue shares on a preferential basis to GAMNAT, part of GIC. The issue is subject to approval of shareholders and stock exchanges.
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