Godrej Group’s real estate arm Godrej Properties (GPL) today posted a 33.65 per cent decline in net profit for the quarter ended March 31 at Rs 39.8 crore, compared with a net profit of Rs 59.99 crore in the corresponding period last fiscal.

Total income grew 11.28 per cent at Rs 373.18 crore as against Rs 333.53 crore in the year-ago period.

“The margins have been under pressure mainly because of the increase in input as well as labour costs. However, we have been able to achieve healthy sales growth despite challenging economic conditions. We expect to deliver strong growth in FY13,” said Mr Adi Godrej, Chairman, Godrej Group.

For the full year, the company posted a 25.16 per cent decline in net at Rs 97.93 crore compared to Rs 130.86 crore last fiscal. Its total income for the year stood at Rs 819.81 crore, up 46.68 per cent as against Rs 558.91 crore.

During the quarter, it finalised joint development agreement to redevelop 18 residential buildings at Sahakar Nagar near Chembur in Mumbai, spread across 14,600 sq metres, with a saleable area of 6 lakh sq ft. It also signed tripartite agreement for the project where it will be entitled to 87.5 per cent revenues.

GPL also entered into private equity agreement with ASK Group by diluting 49 per cent stake in the subsidiary developing this redevelopment project.

Total booking value for the year stood at Rs 1,563 crore as compared to Rs 1,072 crore in FY11.

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