Godrej Properties Q2 net profit up 5% to Rs 34.25 crores

  • PTI, New Delhi
  • Updated: Oct 30, 2013 14:21 IST

Godrej Properties on Wednesday reported a marginal 5% increase in its consolidated net profit at Rs 34.25 crore in the second quarter of this fiscal mainly due to higher tax expenses.

The company, which is the real estate arm of the Godrej Group, had posted a net profit of Rs 32.58 crore in the year-ago period, according to filing in the BSE.

Total income from operations rose by 32% to Rs 306.49 crore during July-September quarter of 2013-14 fiscal compared with Rs 232.74 crore in the corresponding period of the previous year.

Tax expense rose to Rs 31.89 crore in the second quarter of this fiscal against Rs 21.54 crore in the year-ago period.

Godrej Properties is currently developing residential, commercial and township projects spread across approximately 85 million square feet in 12 cities.

The Mumbai-based developer recently raised Rs 700 crore through rights issue.

This was the third capital market fund raising exercise by Godrej Properties.

The company had launched its Initial Public Offer (IPO) in December 2009 and successfully conducted India's first ever Institutional Placement Programme (IPP) in March 2012.

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