GPL FY 10 cons net profit up 64 pct

Riding on strong customer demand,Godrej Properties Ltd,a Godrej group company,has clocked a 64 per cent growth in its consolidated net profit at Rs 122.81-crore in FY

Riding on strong customer demand,Godrej Properties Ltd (GPL),a Godrej group company,has clocked a 64 per cent growth in its consolidated net profit at Rs 122.81-crore in FY 10 as compared to Rs 74.68-crore in the previous year.

During the fourth-quarter (Q4 FY 10),the company’s consolidated net profit has increased by 218 per cent to Rs 57.5-crore from last year’s Rs 18.1-crore,GPL’s Chairman,Adi Godrej,told reporters here on .

The company’s total income for the year has gone up by 53.2 per cent to Rs 456-crore from Rs 298-crore in the previous year.

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“This includes a profit of Rs 139.85-crore from the private equity deals with HDFC PMS and Milestone,” Godrej said.

The Board has recommended a dividend of 40 per cent as compared to last year’s 25 per cent,he said.

The company plans to raise money to fund its future projects coming up this fiscal and the next,he said,without,however,divulging the amount the company was eyeing.

“As of now our debt-equity ratio is as low as 0.54 which means we can afford to go up. We have to raise equity also,either through a QIP or PE investment,” he said.

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The company is planning to grow its footprint in 4 new cities as well,thus taking the total number of cities where GPL has its presence to 10.