Godrej Properties Posts 21% Rise in Q1 Profit

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New Delhi: Godrej Properties Ltd (GPL) on Tuesday reported a 20.63 per cent increase in consolidated net profit at Rs 55.02 crore for the quarter ended June 30, on account of lower cost of sales.

The company had clocked a net profit of Rs 45.61 crore for the corresponding period a year ago.

However, total income in the quarter under review came down to Rs 263.3 crore from Rs 362.9 crore in the year-ago period, GPL said in a filing to the BSE.

Despite the drop in income, the company’s profits rose as cost of sales fell to Rs 150.91 crore in the first quarter of the current fiscal year from Rs 267.57 crore in the year-ago period.

Meanwhile, the company witnessed highest ever sales in a single quarter – booking value of Rs 1,251 crore.

GPL also achieved highest ever deliveries in a single quarter – 1.72 million square feet – across four cities.

“I am happy to note that GPL in Q1FY16 has started the year on a strong note by registering its highest-ever quarterly sales and highest ever deliveries in a single quarter.”

“Our sales in the first quarter grew by 52 per cent year-on-year and 192 per cent quarter-on-quarter. We look forward to building on this momentum in the year ahead,” GPL managing director and CEO Pirojsha Godrej said in a statement.

The company is developing residential, commercial and township projects spread across 10.25 million square meters (110.30 million square feet) in 12 cities.

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