Godrej Properties, real estate arm of the Godrej Group on Friday reported an over two-fold rise in its net profit at Rs 141.51 crore for the Q4FY2018 due to increase in sales. It is a whopping 126 per cent year on year rise which stood at Rs 62.59 crore in January-March of 2017.
Total income of the company increased by a staggering 84 per cent at Rs 848.56 crore in Q4FY18 in comparison to the corresponding period a year ago which recorded income of Rs 462.25 crore.
During the whole of fiscal year 2017-18, the company income increased to Rs 2,390.67 crore from Rs 1,701.38 crore reported in the earlier year. Also the net profit during the period soared by 14% to Rs 234.96 crore during the fiscal year.
The company also announced plans to raise close to Rs. 1000 crore through issuance of 12.76 million shares to an investor Gamnat Pte Ltd on a preferential basis at the rate of Rs 783.50 per share.
In respect of sales, the company recorded a growth of 210% in value of sales at Rs 1,054 crore. On a year-on-year basis, a rise of 150% has been reported in area sold which stands at 1.47 million sq ft. The sales booking of the realty major also increased by 150% and are the highest ever at. Rs 5,083 crore.
The company delivered projects spread over 0.9 million sq ft across 3 cities namely Gurgaon, Bengaluru and .. Kolkata during the quarter.
"We have completed the best ever year in GPL's history. For the first time in its history, GPL has delivered sales of more than Rs 1,000 crore for four consecutive quarters. We have also generated Rs 1,868 crore of net operating cash flow in FY18, which has allowed us to reduce our debt by Rs 653 crore while rapidly growing our company's development portfolio. We look forward to building on this momentum in FY19," said Pirojsha Godrej, Executive Chairman, Godrej Properties.