Mumbai: Real estate firm Godrej Properties Ltd (GPL) on Monday reported a 9.3% increase in its net profit to ₹45.49 crore for the quarter ended December on the back of steady revenue growth during the period.
The company had posted a net profit of ₹41.63 crore in the quarter ended December 31, 2018, it said said a filing to the BSE.
During the quarter under review, the Godrej group firm’s revenue stood at ₹382.82, up 12.6% from a year-ago period.
“The overall environment in the real estate sector remains challenging but we continue to believe that the ongoing consolidation in the sector provides Godrej Properties a tremendous opportunity to drive market share growth in residential real estate,” said Pirojsha Godrej, executive chairman, Godrej Properties Ltd.
The company said it recorded a booking value of ₹1,189 crore during the December quarter compared with ₹1,528 crore reported in the year–ago period.
During the period, the company added four new projects with saleable area of 12.7 million sq. ft. While three of the projects are in Mumbai suburbs and one was launched in Bengaluru.
“We expect to end the year on a strong note with a large number of project launches and project additions expected in the upcoming weeks,” Godrej said.
Shares of Godrej Properties today closed 8.3% higher at ₹1071.30 on the BSE, while Sensex ended at 39,872.31, up 0.3% from previous close.
Source: Livemint
