Godrej Properties' Q3 net profit up by 185%; Adi Godrej steps down as Director

Shares of Godrej Properties jumped by 8% after the company's net profit more than doubled in the quarter ended on December 31. The company reported a consolidated net profit of Rs 77.25 crore, a rise of 185% from Rs 22.06 crore during the same period last year.

At 1237 hours the shares of the company were trading at Rs 376.15 per piece, up 7.96% or Rs 27.75 on BSE. 

The total income of the company increased to Rs 551.6 crore in Q3FY17 from Rs 282 crore in Q3FY16. The company sold 11,90,465 sq ft in Q3FY17, a rise of 16% from 10,28,832 sq. ft in Q3FY16. 

As per the regulatory filing, the company sold more than 6,00,000 sq. ft with a booking value in excess of Rs 300 crore in  a single day at Godrej Golf Links in Greater Noida despite weak market conditions. 

Moreover, the company sold over 300 apartments within two months of launch at Godrej Greens in Pune which was launched shortly after the demonetisation announcement, the company said. 

While announcing the result, the company also informed the exchange that Adi Godrej, Chairman of Godrej, will step down from the position of the director with effect from April 1, 2017. 

The Board of the company re-designated Pirojsha Godrej as Executive Chairman of the Board from April 1, and Mohit Malhotra as Managing Director & Chief Executive Officer of the company from April 1, 2017.