Godrej Properties Q3 net profit at ₹41.63 crore

Mumbai: Mumbai: Real estate firm Godrej Properties Ltd (GPL) on Monday posted a net profit of ₹41.63 crore in the third quarter ended 31 December, 2018, on the back of improved home sales during the period.

The company had posted a net loss of ₹54.75 crore in the corresponding quarter of the previous financial year, it said in a filing to the BSE.

During the reporting quarter, the Godrej group firm's total income jumped by 39.7% to ₹430.70 crore from ₹308.29 crore posted in the year-ago period.

“The third quarter (FY2019) was the best ever quarter for residential sales in GPL’s history with total sales for the quarter growing 89% to ₹1,528 crore. We had strong launches across Mumbai, NCR, Bangalore, Pune and Ahmedabad," said Pirojsha Godrej, executive chairman, Godrej Properties Ltd, in a statement.

The company’s total booking volume stood at 2.80 million sq. ft as compared to 1.43 million sq. ft. in the third quarter of the previous financial year.

During the quarter, GPL delivered around 1.7 million sq. ft. across four cities and added one commercial project. It entered into a joint venture agreement with Hero Cycles and Godrej Fund Management to build a prime office development on Golf Course Road, Gurugram. The development will offer around 1 million square feet of prime office and retail space, it said.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.