Godrej Properties Posts 26% Rise in Q3 Profit

New Delhi: Realty firm Godrej Properties Ltd on Tuesday reported a 26 per cent increase in consolidated net profit at Rs 47.24 crore for the quarter ended December 31 on the back of higher sales.

The Mumbai-based firm had registered a net profit of Rs 37.36 crore for the corresponding period a year ago, it said in a filing to the BSE.

Income from operations jumped more than two-fold to Rs 519.30 crore during the third quarter of this fiscal year from Rs 241.95 crore in the corresponding period of the previous year.

Total income increased to Rs 538.64 crore for the quarter ended December 31, 2014 from Rs 253.92 crore in the year-ago period.

During October-December quarter, Godrej Properties achieved 37 per cent growth in volume and 28 per cent growth in value of sales bookings.

"Q3 FY 2015 witnessed total booking value of Rs 548 crore and total booking volume of 7,01,729 sq ft as compared to total booking value of Rs 428 crore and total booking volume of 5.13,641 sq ft in Q3 FY 2014," the company said in a statement.

"In the first nine months of the financial year, we have delivered 48 per cent growth in total income, 26 per cent growth in net profit and 97 per cent increase in the volume of sales bookings," managing director and CEO Pirojsha Godrej said. He also expressed hope that the company would maintain the sales and execution momentum.

Godrej Properties is currently developing residential, commercial and township projects spread across 9.3 million square meters (104 million square feet) in 12 cities.

Shares in Godrej Properties, on Tuesday, ended at Rs 274.30 apiece on the BSE, up 2.93 per cent from the previous close.