The real estate arm of the Godrej Group, Godrej Properties reported a 41% dip in the net profit to Rs 19.5 crore for the second quarter ( Q2) , despite a healthy 70% growth in sales. The net profits for the September period last fiscal stood at Rs 32.9 crore.
Godrej Properties reported a 70% increase in the sales at Rs 142 crore during the reporting period compared to Rs 84 crore in the corresponding period of last fiscal.
"Though profit has declined, we achieved a robust revenue growth over Q2 of FY'11. Our margins depend on how much private equity we bring in during a quarter.
According Mr. Pirojsha Godrej ED, Godrej Properties said "There was a considerable amount of PE money in Q2 of last fiscal compared to this year. Therefore, we see a huge difference in the profit margin. The sales were quite encouraging and the trend will continue over the next two quarters. We expect the profits to increase substantially, mainly on the back of increase in sales and bookings. Second half is generally stronger, therefore, we expect to see a much more increase in sales in the coming quarters.
Godrej Properties reported a 70% increase in the sales at Rs 142 crore during the reporting period compared to Rs 84 crore in the corresponding period of last fiscal.
"Though profit has declined, we achieved a robust revenue growth over Q2 of FY'11. Our margins depend on how much private equity we bring in during a quarter.
According Mr. Pirojsha Godrej ED, Godrej Properties said "There was a considerable amount of PE money in Q2 of last fiscal compared to this year. Therefore, we see a huge difference in the profit margin. The sales were quite encouraging and the trend will continue over the next two quarters. We expect the profits to increase substantially, mainly on the back of increase in sales and bookings. Second half is generally stronger, therefore, we expect to see a much more increase in sales in the coming quarters.
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