MUMBAI: Godrej Properties, the real estate arm of the Godrej Group, has posted a net profit of Rs 34.25 crore for the second quarter ended September 30. This was 5 per cent up from Rs 32.58 crore posted in the year-ago period.
Total income surged 31.6 per cent to stand at Rs 306.49 crore (Rs 232.74 crore).
At Rs 13.86 crore (Rs 0.37 crore), other income was a major component of the company’s net profit this quarter.
The rise was on account of interest received from surplus funds deployed by the company and deployment of the proceeds from the Rs 700-crore rights issue completed during the quarter, according to MD and CEO Pirojsha Godrej.
Commenting on the company’s average price realisations, he said: “Prices have been flat for the sector as a whole but our projects have seen a price increase of up to10 per cent. Overall, now would be the best time in 3-4 years for prices to correct as the present industry situation of increase in prices and decline in volumes is clearly unsustainable.”
During the quarter, Godrej Properties added 1.2 million sq ft of saleable area to be developed as a premium residential project in Gurgaon. It added 37 acres of land to its Panvel, Maharashtra township project, taking the total land parcel for development to 147 acres. It also delivered 624 homes in the first phase of the Godrej Garden City project in Ahmedabad during Q2.
The company’s scrip closed at Rs 368, up 0.95 points or 0.26 per cent from its previous close on the BSE.