New Delhi: The Godrej properties shown a meager five pc surge in its net profit at Rs 34.25 crore in the second quarter of mainly due to higher tax expenditures. The firm, which is the realty arm of Godrej Group, had posted a net profit of Rs 32.52 cr last year in the second quarter.
The total profit from operations rose by 33 pc to Rs 306.49 crore during July-September quarter compared to Rs 232.74 crore in the previous year.
The Godrej Properties is currently developing residential, commercial and township projects around the country. The firm is one of the largest operating in the real estate sector in the country, having approximately 90 million square feet in 14 different cities.
The Group has recently raise Rs 75 crore through rights issue. This was the third capital fund raiser activity by the Godrej Properties.
The firm had also launched Initial Public Offer (IPO) in December 2009 and successfully conducted its Institutional Placement Program in 2012.