Robust sales helped Godrej Properties net profit post 67.5 per cent growth in the second quarter ended September at Rs 32.58 crore against Rs 19.45 crore in the year-ago period.
Godrej Properties is a part of the Godrej Group and is developing properties across 12 cities, including Mumbai, NCR, Bangalore, Ahemdabad, Kochi, Chandigarh and Mangalore.
Attributing the improvement in its profits to the “good response” to its two new launches this quarter, Godrej Properties Chairman and Managing Director Pirojsha Godrej said: “Besides our Bangalore project, our Gurgaon project where we managed to sell one million square foot land in a single day with booking value of Rs 600 crore, helped us drive growth. In addition, our product mix was good which helped us get good margins. Strong operating cash flow which helped us reduce our net debt by about Rs 100 crore was also a huge positive for us this quarter.”
According to the company, the second quarter of FY 2013 witnessed total booking value of Rs 963 crore and total booking volume of 1.57 million square feet against total booking value of Rs 226 crore and total booking volume of 0.6 million square feet in the year-ago period.
The company’s scrip closed 3.96 per cent from its previous close at Rs 603.30 on Thursday.
manisha.jha@thehindu.co.in