Speaking to CNBC-TV18 on the good set of third quarter earnings, Pirojsha Godrej, MD & CEO of Godrej Properties said commercial portfolio contributed most to the sales in the quarter gone by and Rs 500 crore quarter revenues were highest ever in the company’s history.The company is set to announce substantially large launch plans for the next financial post the board meeting in fourth quarter, says Godrej.
In fourth quarter too there are several projects that will be launched – a couple of redevelopment projects in Chembur, Byculla and a significant sized new project in Pune subject to final approvals.According to him so far there have been substantial increases in number of projects launched year-on-year and also for projects that have reached revenue recognitions.
The increase in expenses seen in third quarter was largely because the commercial project ‘Godrej BKC’, which is high cost and relatively low margins project, says Godrej. “Contribution from that project increased substantially this quarter and so costs increased,” he adds. However, he reassures that at the company level there is no concern on cost increasing too much.According to him higher costs in ‘Godrej BKC’ is also likely to lead to higher prices in the coming quarters.
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