Its net profit stood at Rs 47.24 crore in the year-ago period, Mumbai-based Godrej Properties, the real estate arm of the Godrej Group, said in a filing to the BSE.
Realty firm Godrej Properties on Tuesday reported a 10% increase in its consolidated net profit at Rs 51.99 crore for the quarter ended December despite fall in sales.
Its net profit stood at Rs 47.24 crore in the year-ago period, Mumbai-based Godrej Properties, the real estate arm of the Godrej Group, said in a filing to the BSE.
Income from operation declined to Rs 422.27 crore during the third quarter (Q3) of this fiscal from Rs 519.30 crore in the corresponding period of the previous year. Total income fell to Rs 450.29 crore for the quarter ended December from Rs 538.64 crore in the year-ago period.
Profits went up because the company's total expenditure declined to Rs 345.95 crore from Rs 457.68 crore while other income rose to Rs 28.01 crore from Rs 19.34 crore during the period under review.
Godrej Properties is developing residential, commercial and township projects spread across 111 million square feet in 12 cities.
Last month, the company tied up with Vihang Group of Companies for development of a housing project on a 15-acre land in Thane, Mumbai. It also forayed into the Noida property market by partnering local developer Lotus Greens.
Godrej Properties has entered into a development management agreement to develop a group housing project in Noida. Spread over 36 acres, the project will offer around four million square feet of saleable area. This will be company's first project in Noida and sixth within the National Capital Region (NCR).
At 1322 hours, the shares of Godrej Properties were trading down 1.04% or Rs 3.15 at Rs 300.00 per scrip intraday on the BSE.
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