Godrej Properties’ net profit dips 69% in Q3 FY21

The board of directors of the company approved raising of Rs 3,750 crore. The company's net consolidated income stood at Rs 311.12 crore in Q3 FY21, a dip of 40% from Rs 517.47 crore it recorded in the similar quarter last year.

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Godrej Properties has reported a dip of 69 per cent in its net consolidated profit during the third quarter of FY21. Its profit after tax (PAT) stood at Rs 14.35 crore in Q3 FY21 as against Rs 46.69 crore it registered in the corresponding quarter previous fiscal, the company said in a BSE filing.

The company’s net consolidated income stood at Rs 311.12 crore in Q3 FY21, a dip of 40% from Rs 517.47 crore it recorded in the similar quarter last year.

The board of directors of the company has approved Pirojsha Godrej as a whole time director designated as executive chairman and Mohit Malhotra as MD and CEO of the company for a further period of three years with effect from April O1, 2021, the company said in the regulatory filing.

They also approved raising of Rs 3,750 crore, by way of issuance of equity shares, fully convertible debentures, partly convertible debentures, nonconvertible debentures (with or without warrants), preference shares convertible into equity shares, and/or any other security convertible into equity shares in one or more tranches through public and/or private offerings including preferential issue, qualified institutions placement.

The company added two new projects in Sarjapur and Whitefield, Bengaluru with saleable area of about 4.1 million sq ft in Q3 FY21, the company said in its investor presentation.