Shares of Godrej Properties Ltd. rose to an all-time high on Monday after the company reported a seven-fold jump in its net profit for the April to June quarter on sales that more than doubled.
At 9:56 AM (IST), the stock was at Rs717, up Rs15 or 2% over the previous close. It earlier touched a high of Rs762 on the BSE after opening at Rs707.
The company's net profit rose to Rs224.4mn in the quarter ended June 30, 2010 from Rs29.8mn in the same quarter last year.
Total income was Rs734.6mn compared to Rs188.5mn while the EBIDTA stood at Rs335.8mn as against Rs71.3mn in the first quarter of last year.
Godrej Properties entered NCR with a residential joint development project in Gurgaon. It also signed a development agreement for a 9-acre plot with 1.04 million sq. ft. developable area and 70% (average) revenue share to the company.
Godrej Properties extended its presence to 11 cities across India in line with the company strategy of being a national developer. It received excellent response to projects launched in Q1 FY11.
Godrej Garden City, Ahmedabad Phase-II area of 0.45 million sq. ft. was launched and completely booked in two days. Godrej Prakriti, Kolkata Phase-1 booking area increased to 0.28 million sq. ft. during the quarter taking the total area booked to 55%.
Godrej Properties is scheduled to launch projects in Bangalore and Mangalore in Q2 FY11 and projects in NCR, Kochi and Chennai by the end of the year.
Godrej Properties has received LEED GOLD certification for Godrej Waterside in Kolkata, consistent with it’s commitment to sustainable development.