Godrej Properties Q1 net profit at Rs100.6mn

Total income increased by 83% to Rs. 1347.4 mn in Q1 FY 2012 from Rs. 734.6 mn in Q1 FY 2011.
Godrej Properties Limited, a leading national real estate developer, today announced its financial results for the quarter ended June 30 2011.
Corporate highlights
Growth in top line led by strong sales performance
Total income increased by 83% to Rs. 1347.4 mn in Q1 FY 2012 from Rs. 734.6 mn in Q1 FY 2011.
Total booking value grew by 70% to Rs. 2324.7 mn from Q1 FY 2012 from Rs. 1369.8 mn in Q1 FY 2011
Net profit stood at Rs. 100.6 mn as compared to Rs. 224.4 mn in Q1 FY 2011
Godrej Garden City, Ahmedabad: The township project has witnessed consistent sales momentum.
Phase-III of the project launched in January 2011 logged sales of 1.56 mn sq. ft. in two quarters since its launch.
Additional new towers in phase – III of area 0.32 million sq. ft. were launched in July 2011.

Godrej Prakriti, Kolkata: The residential project witnessed a growth of 16% with bookings of 0.12 million sq. ft. in Q1 FY 2012 from 0.10 million sq. ft. in Q1 FY 2011.
Continued to successfully secure deals under the joint development model
Entered into a joint venture with Capsulation Services to develop a 0.1 million sq. ft. saleable area property at Chembur, Mumbai. GPL will share 47.5% of area. The project is located Off V.N Puran Marg (Sion – Trombay Highway).
Commenting on the financial performance of Q1 FY 2012, Mr.Adi Godrej, Chairman of Godrej Properties Limited, said: “Godrej Properties had a robust 83% growth in its total income in what has been a difficult quarter for the real estate sector. Our Ahmedabad township project, Godrej Garden City, has continued to receive an excellent response with over 0.24 million sq ft of sales during the quarter, which brings the total sold in the project to 3.3 million sq. ft. We expect to see similar traction for the recently launched towers of the third phase of this project. During the quarter, we signed a Joint Development Agreement for a residential project in Chembur, Mumbai demonstrating our ongoing ability to source new deals through the joint development model. We expect to deliver strong growth in new deals, sales, and profitability during the rest of FY12.”