Godrej Properties Q4 net up 3% at Rs59 crore

Leading real estate developer, Godrej Properties Limited (GPL), posted a net profit of Rs59 crore, a marginal increase of 3%, in the quarter ended March 31 on the back of new bookings and new projects.
       
The overall sales of the company grew to Rs334 crore, in fourth quarter (January-March), up 9%, from Rs306 crore in the year-ago period.
       
The consolidated net profit stood at Rs130 crore in FY 11, up 6%, as against Rs122-crore in the previous fiscal.
      
Even as the total bookings grew 132% to 3.2- million sq ft in the fiscal from 1.38-million sq ft in FY 10, GPL's consolidated sales also grew substantially at Rs558 crore, up 55%, from Rs360-crore.
       
"Booking increased by 132% and revenues and earnings have shown a marked improvement. Our projects continue to have sustained sales momentum with Godrej Garden City, Ahmedabad, Godrej Frontier, Gurgaon and Godrej Prakriti, Kolkata, registering strong bookings during the year," GPL's Chairman, Adi Godrej, said while announcing the results.
       
He further said that the company plans to create SPVs (Special Purpose Vehicles) for redevelopment projects in Mumbai.

He, however, without divulging any further details on the SPVs, said that the company would be focusing largely on redevelopment projects over the next 5-years given the fact that there is a huge demand for residential housing whereas the supply is less.
       
On projects, he said, the company has recently commenced its flagship project--The Trees--at Vikhroli.
       
"We expect to sustain growth in the years ahead given the company’s distinct joint development business model, the Godrej brand advantage and track-record of successful development," Godrej said.
       
'The Trees' spread across 2.8-million sq ft at suburban Vikhroli, is a part of the 35-acre land that is being developed by Godrej.
       
The company has already begun construction of 'Godrej One', a commercial office space of 7,50,000 sq ft. Of this, 2,00,000 sq ft will be used as the headquarters for all Godrej Group companies, while the remaining 5,50,000 sq ft will be leased to external tenants.
       
GPL would be launching 2-3 new projects in cities like Ahmedabad, Kolkata and Bangalore in this quarter, he added.