Godrej Properties reports 46% on-year fall in net profit
Godrej Properties has reported 46% on-year drop in its consolidated net profit at Rs 23.29 crore for the quarter ended June. Total income for the quarter rose 3% to Rs 345.03 crore, the company said in its earnings release.
This was Godrej Properties also recorded 281% jump in bookings value at Rs 1,472 crore. During the quarter, the developer added 4 new projects with nearly 4.9 million sq ft saleable area, while it also launched 4 new phases or projects in Mumbai, National Capital Region and Pune.
“Our total sales for Q1FY18 stood at Rs 1,474 crore, which was our highest ever residential sales in a quarter. We also added 4 new projects to our portfolio and had one of our best ever quarters in terms of operating cash flow. We look forward to building on this momentum in the year ahead,” said Pirojsha Godrej, executive chairman, Godrej Properties.
The company’s net debt stood at Rs 3,091 crore as on June end as against Rs 3,499 crore as on March end. During the quarter, the developer has lowered its net debt-equity ratio to 1.53 times against 1.75 times as on March end.