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Godrej Properties has reported a consolidated profit of Rs 21 crore in the September 2018 quarter against Re 0.21 crore in the same period last year, boosted by increase in total income. The net profit was, however, 40 per cent down, compared with Rs 31 crore in June quarter.
The realty major has reported a total income of Rs 473 crore during the September quarter, up 36 per cent, over the year-ago period. Godrej Properties has brought down its debt level from Rs 3,137 crore on September 30, 2017 to Rs 1,539 crore now. Alongside, its average borrowing cost is down from 8.10 per cent to 7.88 per cent.
“The current environment gives us an outstanding opportunity to disproportionately scale our business development portfolio. We expect the pace of project additions to accelerate in H2 FY19. With a number of important launches, we also expect a strong second half of the financial year from a sales growth perspective,” Pirojsha Godrej, Executive Chairman, Godrej Properties, said in a statement.
The company’s EBITDA increased by 43 per cent to Rs 69 crore from Rs 48 crore in Q2 FY2018. On a half-yearly basis, the net profit was down 45 per cent at Rs 55 crore even as the total income was up 24 per cent at Rs 1,529 crore.
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