Moneycontrol Bureau
Mumbai-based real estate firm Godrej Properties reported healthy growth in third quarter earnings despite currency demonetisation. Profit on consolidated basis increased nearly 3-fold year-on-year to Rs 77.2 crore on strong response to new launches despite demonetisation.
Total income from operations during the quarter increased 109.6 percent to Rs 518.2 crore compared with Rs 247.2 crore in same quarter last year.
"Response to new project launches in Noida and Pune has been excellent despite challenging market conditions. As we commence the final quarter of the financial year, we look forward to building on this momentum." Pirojsha Godrej, Managing Director and CEO said.
Godrej Properties witnessed total booking value of Rs 693 crore and total booking volume of 11.9 lakh square feet as compared to booking value of Rs 600 crore and booking volume of 7.36 lakh square feet in previous quarter.
The company said it delivered 418 apartments measuring 0.48 million square feet across three cities in Q3FY17, led by 0.21 million square feet of area at Godrej E-City in Bengaluru and 0.17 million square feet area at Godrej Serenity in Mumbai.
Operating profit during the quarter jumped to Rs 120.6 crore compared with Rs 6 crore in same quarter last year and margin expanded by 2090 basis points to 23.3 percent.
Tax expenses also increased sharply to Rs 40.5 crore from Rs 6.8 crore on year-on-year basis.
Meanwhile, Adi Godrej, chairman will step down from the position of the director with effect from April 1, 2017 and move away from active participation in the day to day functioning of the company, He will, however, continue to provide high level support in the capacity of Chairman Emeritus.
The board has also re-designated Pirojsha Godrej as Executive Chairman and Mohit Malhotra, as Managing Director & Chief Executive Officer of the Company with effect from April 1.
At 12:31 hours IST, the stock was quoting at Rs 376.00, up Rs 27.60, or 7.92 percent amid high volumes on the BSE.
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