Godrej Properties net profit rises 16% in Q1

Realty firm Godrej Properties on Saturday reported a 16 per cent increase in its consolidated net profit to Rs 45.61 crore for the quarter ended June on higher sales.

Net profit stood at Rs 39.47 crore in the year-ago period.

Total income rose by 49 per cent to Rs 363 crore in the first quarter of this fiscal compared with Rs 244 crore in the corresponding period of previous year, Godrej Properties, the realty firm of the Godrej Group, said in a statement.

During the quarter ended June, Godrej Properties' sales bookings rose to Rs 824 crore from Rs 606 crore in the year- ago period.

In volume terms, sales bookings increased to 1.09 million sq ft from 0.6 million sq ft during the period under review.

Commenting on the financial performance, Godrej Properties Managing Director & CEO Pirojsha Godrej said: "We have had a strong beginning to calendar year (CY) 2014. Our total sales for H1 CY14 are almost equal to sales in all of CY13".

"The response to our new project launches in Gurgaon and Pune has been excellent. We look forward to sustaining the momentum in the year ahead," he added.

The company added one new project in Gurgoan with 1.6 million sq ft of saleable area during the first quarter.

Godrej Properties is currently developing residential, commercial and township projects spread across 9.3 million square meters (100 million sq ft) in 12 cities.