Leading real estate firm Godrej Properties Ltd (GPL) on Tuesday reported an increase of 10.1 per cent in its consolidated net profit after taxes (PAT) at Rs 51.99 crore for the October-December quarter of 2015, despite decline in its sales.
“The consolidated net profit of the company stood at Rs 47.24 crore during the same period a year ago,” Godrej Properties Ltd said in a filing to the Bombay Stock Exchange on February 02, 2016.
However, the consolidated total income of the Mumbai-based real estate developer fell by 16.4 per cent at Rs 450.30 crore during Q3 FY16, as compared to Rs 538.64 crore during the same quarter last fiscal.
Sales of the company during the October-December quarter shranked 17.5 per cent to Rs 388.55 crore, as compared to Rs 470.96 crore in Q3 FY 2015.
GPL’s net profit went up mainly on account of increase in other income and decrease in total expenditure. It’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.
Speaking on the performance, Godrej Properties, MD & CEO, Pirojsha Godrej said, “I’m happy to note that we have surpassed Rs.1200 crore in sales for the third consecutive quarter of this financial year. We are especially excited by thecustomer response to the launch of ‘The Trees’ in Vikhroli which was the most successful launch in the history of GPL in terms of value sold in the launch quarter.”
The company said that Q3 witnessed total booking value of Rs 1,214 crore and total booking volume of 1,028,832 sq ft as compared to total booking value of Rs 548 crore and total booking volume of 701,729 sq ft in third quarter of last fiscal.
Last month, the company tied up with Vihang group 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.
It has entered into a development management agreement to develop a group housing project in Noida. Spread over 36 acre, the project will offer around four million sq ft of saleable area. This will be it’s first project in Noida and sixth within the NCR.
Despite earnings, shares of the company were trading at Rs 302.20 apiece, down 0.31 per cent, from previous close on BSE at 13:49 hours.