Mumbai : Godrej Properties, the real estate arm of the Godrej Group, logged a 6% increase in net profit at Rs 51.44 crore for the quarter ended March due to higher sales. The Mumbai-based company’s net profit stood at Rs 48.34 crore in the year-ago period. Total income rose to Rs 718.07 crore during the fourth quarter of FY15, from Rs 435.64 crore a year ago.
“This has been the best financial year for Godrej Projects as we reported the highest sales in volume as well as value terms, despite a challenging environment,” Managing Director and CEO Pirojsha Godrej told reporters. The marginal increase in profit was a result of a significant increase in expenditure during the quarter to Rs 608.86 crore from Rs 354.97 crore in Q4 of 2013-14.
“As many projects reached revenue recognition threshold, the corresponding cost of sales increased accordingly, resulting in a rise in the total expenditure,” he said.
During 2014-15, the company posted a net profit of Rs 190.90 crore as against Rs 159.43 crore in the previous fiscal.
