Economy

Godrej Properties Q2 profit soars 91 per cent to Rs 44 crore

Mumbai: Real estate firm Godrej Properties Ltd on Friday said net profit almost doubled year-on-year to Rs44.16 crore in the September quarter, helped by higher sales.

BSE's net profits from total operations stood at Rs 63.99 crore, during July-September quarter of 2016-17, the exchange said in a statement. The stock price rose by over 2% to touch its lifetime high of Rs 740 after the company posted 88% YOY rise in consolidated net profit.

Godrej Properties is the real estate arm of the Godrej Group.

Revenue from operations for the half year ended September 30, 2017 increased almost by 24 per cent to Rs 213.39 crore from Rs 172.11 crore in the same period year-ago.

"We registered another strong operational quarter with both sales and business development at record levels". The Mumbai-based firm is developing 147 million sq ft in 12 cities.

Shares of Titan Industries settled 0.56 per cent up at Rs 659.40 apiece on BSE.



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