MUMBAI: Real estate developer Godrej Properties (GPL) today posted a 55.16 per cent dip in its consolidated net profit at Rs 10.06 crore for the quarter ended June 30, 2011.
Its net profit for the corresponding period last year stood at Rs 22.44 crore, the company said in a statement issued here.
The total income of the company for the period stood at Rs 134.74 crore, reporting a 83 per cent rise as compared to Rs 73.46 crore in Q1 FY 11.
"Godrej Properties had a robust 83 per cent 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 square feet of sales during the quarter, which brings the total sold in the project to 3.3 million square feet. We expect to see similar traction for the recently launched towers of the third phase of this project," GPL Chairman, Adi Godrej, said.
In the quarter, the total booking value grew by 70 per cent to Rs 232.47 crore from Rs 136.98 crore in Q1 FY 11.
During the quarter, GPL signed a Joint Development Agreement for a residential project in Chembur, Mumbai demonstrating its ongoing ability to source new deals through the joint development model, he said.
"We expect to deliver strong growth in new deals, sales and profitability during the rest of FY 12," Godrej added.
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