Godrej Properties' posts net profit of Rs 42 crore in Q3 FY19

Godrej Properties reported a net profit of Rs 42 crore in the quarter ended December 31, 2018. The company had registered a loss of Rs 55 crore in the corresponding quarter last year. The company's net income stood at Rs 473 crore, an increase of 58% from Rs 299 crore it registered in the similar quarter previous year. Pirojsha Godrej, executive chairman, Godrej Properties said, "Q3 FY19 was the best ever quarter for residential sales in GPL’s history with total sales for the quarter growing at 89% to INR 1,528 crore. We had strong launches across Mumbai, NCR, Bangalore, Pune and Ahmedabad.” During the quarter, the company entered into a joint venture agreement with Hero Cycles and Godrej Fund Management to develop a prime office development on Golf Course Road, Gurgaon.