NEW DELHI: Mumbai: Godrej Properties Ltd on Tuesday posted a more than three-fold jump in its net profit to ₹156.66 crore in the fourth quarter ended 31 March 2019 on the back of strong sales during the period.
The company recorded a net profit of ₹42. 28 crore in the corresponding quarter previous financial year, the Godrej group firm said in a filing to the BSE.
Total income of the company shot up by 125.6% to ₹1,203 crore during the reporting quarter from ₹533.09 crore posted in the year ago period.
The company has also announced that its board has approved raising of funds up to ₹2,500 crore through issue of equity shares, preference shares, debentures and qualified institutions placement (QIP).
Pirojsha Godrej, executive chairman, Godrej Properties described the quarterly performance as the best ever in the history of the company. “This has also been the best ever quarter for business development in the history of GPL. To make sure that we are able to sustain the booking momentum in the new financial year we are adding new projects in our portfolio," Godrej told reporters.
He also attributed the strong growth in its net profit ‘The Trees’- a 34-acre mixed-use development project at Vikhroli in Mumbai suburb. “The Trees entered revenue recognition in the fourth quarter It had tripled the net profit," Godrej.
In the fourth quarter, Godrej Property achieved total booking value of ₹2,161 crore as compared to ₹1,054 crore recorded in the year-ago period. The company has also significant deals during the quarter. It entered into a strategic partnership with a local developer in Pune to develop of six projects over 300 acre land over the next 10 years. The projects comprised various asset class including housing projects, plotted development, mixed use development and township project. Godrej also entered into a joint venture to develop a 4.25 acres sea-facing property in Mumbai’s prime Bandra area.
Shares of GPL closed at ₹829.70 per share, down by 3.20% while Sensex fell by 0.09% at 39,031.55 points.