Godrej Properties has reported a 14 per cent increase in net profit at ₹235 crore for the last fiscal, boosted by income from sale of equity in subsidiary Godrej Green Homes Ltd.

Singapore-based Gamnat Pte Ltd will invest ₹1,000 crore in the company through preferential shares, Godrej Group’s realty arm announced today.

The total income of Godrej Properties increased by 41 per cent to ₹2,390.67 crore in the FY18 from ₹1,701.38 crore in the previous year.

“We have completed the best-ever year in GPL's history. The total value of bookings in FY18 stood at ₹5,083 crore which represents a 152 per cent year-on-year increase,” Executive Chairman Pirojsha Godrej, said while announcing the results.

“During the quarter ended March 31, 2018, the company has sold equity shares in Godrej Green Homes Ltd (GGHL), comprising 50 per cent of the equity share capital of GGHL. The gain on sale of this investment has been recorded under other income for the quarter ended March 31, 2018,” the company said in a filing on the BSE.

The company has clocked sales of more than ₹1,000 crore for the fourth consecutive quarter.

It sold 14.7 lakh square feet during the fourth quarter, 150 per cent growth over the year-ago period.

On a sequential basis, there was a three per cent increase in the area sold.

Its total income increased 79 per cent to ₹849 crore during the fourth quarter. The net profit during the period more than doubled to ₹142 crore.

The company added four new projects with 6 million square feet of saleable area in 04 FY18. Its debt has also come down from ₹3,499 crore in FY17 to ₹2,846 crore in FY18.

The company said it will hold an extra ordinary general meeting on May 30 to seek shareholders’ approval for the Gamnat transaction.

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