Boosted by income from sale of equity in subsidiary Godrej Green Homes Ltd, Godrej Properties has reported a 14 per cent increase in net profit at Rs 235 crore for the financial year 2017-18.

Godrej Group’s realty arm announced today that Singapore-based Gamnat Pte Ltd will invest Rs 1,000 crore in the company through preferential shares.

Total income of Godrej Properties increased by 41 per cent to Rs 2,390.67 crore in FY18 from Rs 1,701.38 crore in the previous year.

“We have completed the best-ever year in GPL's history. The total value of bookings in FY18 stood at Rs 5,083 crore which represents a 152 per cent year-on-year increase,” Executive Chairman Pirojsha Godrej said, while announcing the results.

“During the quarter ended March 31, 2018, the company had sold equity shares in Godrej Green Homes Ltd (GGHL), comprising 50 per cent of the equity share capital of GGHL. The gain on sale of this investment has been recorded under other income for the quarter ended March 31, 2018,” the company said in a filing to the BSE.

The company has clocked over Rs 1,000 crore sales for the fourth consecutive quarter for the first time in its history. It had sold 14.7 lakh square feet area during the fourth quarter, 150 per cent growth over the year-ago period. On a sequential basis, there was three per cent increase in the area sold.

Its total income increased 79 per cent to Rs 849 crore during the fourth quarter. Net profit during the period more than doubled to Rs 142 crore. The company had added four new projects with 6 million square feet of saleable area. Its debt has also come down from Rs 3,499 crore in FY 17 to Rs 2,846 crore in FY18.

The company said it will hold an extra-ordinary general meeting on May 30 to seek shareholders’ approval for the Gamnat transaction.

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