Godrej Properties net profit slides 65% in Q4 to Rs 18 crore
MUMBAI: Godrej Properties, real estate development arm of the Godrej Group, has reported nearly 65% year-on-year decline in consolidated net profit at Rs 18 crore for the quarter ended March. Total income for the quarter declined 26% to Rs 533 crore, the company said in its earnings release.
During the quarter, the company delivered 1.3 million sq ft of residential space across four cities including Chennai, Bengaluru, Ahmedabad and Pune. The developer also added two new projects with 5 million sq ft of saleable area to its portfolio.
For the financial year 2015-16, however, the company’s net profit grew 21% to Rs 231 crore. Total income also increased 42% to Rs 2,728 crore.
“I am happy to note that this has been Godrej Properties’ best ever year on every relevant parameter. We registered our highest ever bookings, revenues, EBITDA, net profit, cash flows and deliveries despite a challenging year for the real estate sector. We look forward to building on this momentum in the year ahead,” said Pirojsha Godrej, MD & CEO, Godrej Properties.
During the year, the company achieved total booking value of Rs 5,038 crore and total booking volume of 4.3 million sq. ft.
Separately, Godrej Properties’ fund management subsidiary Godrej Fund Management raised $275 million for Godrej Residential Investment Program II (GRIP II) with Dutch pension fund asset manager APG Asset Management N.V. (APG) as the lead investor. Godrej Properties will hold a 20% stake in GRIP II.