Real estate major Godrej Properties Ltd (GPL) has recorded a near 50 per cent jump in income from operations on a standalone basis in the first quarter of the current fiscal compared to the corresponding quarter in the previous fiscal.

The net profit in Q1 of 2014-15 has trebled compared to the same quarter in the previous fiscal, partly boosted by the sharp jump in other income.

According to the un-audited results for the quarter ending June 30, 2014, GPL registered sales income of ₹128.50 crore as against ₹81.56 crore in the first quarter of the last financial year. The operating income however was marginally lower at ₹26.87 crore (₹27.57 crore). The total income from operations jumped to ₹155.38 crore in Q1 of current fiscal as against ₹109.13 crore in the same quarter last year.

But the other income rose sharply to ₹57.43 crore as against ₹17.97 crore in the first quarter of last year, pushing up the profit before finance cost and exceptional items to ₹86.79 crore (₹37.56 crore). This cushioned the impact of higher finance cost at ₹35.29 crore in the first quarter of this year (₹23.38 crore) and tax expenses at ₹9.10 crore (₹9.59 lakh). The net profit trebled to ₹42.38 crore in Q1 of 2014-15 as against ₹14.08 crore in the same quarter last year. The EPS for the quarter also nearly trebled to ₹2.13 from ₹0.84 in Q1 of last fiscal.

On a sequential basis, though, the income from operations fell sharply in Q1 of the current fiscal compared to the last quarter of 2013-14. The company had recorded total income from operations of ₹357.50 crore in Q4 of the last financial year but the net profit was marginally lower at ₹40.92 crore in that period. GPL, which raised ₹699.99 crore by way of a rights issue has invested unutilised funds of ₹275 crore in mutual funds while ₹424.99 crore has been used to retire debt (₹415.98 crore) and to meet issue related expenses (₹9.01 crore).

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