Godrej Properties net down 24%

Godrej Properties has posted a 24 per cent drop in net profit at Rs 13.25 crore for the quarter ended December 31, 2010 against Rs 17.59 crore logged in the same period a year ago. Total income rose to Rs 59.70 crore from Rs 39.67 crore during the same period. On a consolidated basis, net profit was Rs 15.51 crore (Rs 17.63 crore).

Total income was Rs 68.21 (Rs 47.42 crore). The company recorded bookings of 8.28 lakh sq.ft in the residential segment during the quarter with launches in Gurgoan, Chennai and Kolkata attracting good numbers. Gurgoan alone accounted for 5.5 lakh sqft sale. In the commercial space, its Kolkata project registered sale of 27,208 sqft.

Mr Adi Godrej, Chairman, Godrej Properties, said, “We continue to receive strong response for our projects. We are happy with the sales at Godrej Frontier in Gurgoan and Godrej Palm Grove in Chennai, which are new markets for us, strengthening our position as a national developer.” Godrej Properties scrip on the BSE was up 3.8 per cent at Rs 610 over previous close on Friday.