Godrej Properties Q4 net profit down 9% to Rs 48.34 cr

Realty firm Godrej Properties today reported a 9 per cent fall in its consolidated net profit at Rs 48.34 crore for the quarter ended March 31, 2014, due to higher expenditure.

The company had posted a net profit of Rs 53.21 crore in the year-ago period, Godrej Properties, the real estate arm of the Godrej group, said in a filing to the BSE.

However, its total income from operations rose by 38 per cent to Rs 429.19 crore during the January-March quarter as against Rs 311.86 crore in the corresponding period of the previous year.

Total expenditure increased by 65 per cent to Rs 354.97 crore during the fourth quarter from Rs 214.61 crore in the year-ago period.

For the entire 2013-14 fiscal, Godrej Properties net profit rose by 15 per cent to Rs 159.43 crore from Rs 138.43 crore in the previous fiscal.

Total income from operations increased by 14 per cent to Rs 1,179.21 crore in the 2013-14 fiscal from Rs 1,037.12 crore in the previous year.

Mumbai-based Godrej Properties is developing housing, commercial and township projects in 12 cities with 100 million sq ft development potential, of which 20 million sq ft is under construction.

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