Realty firm Godrej Properties reported a 69 per cent decline in its consolidated net profit at Rs 14.35 crore for the quarter ended December on lower income. Its net profit stood at Rs 46.6 crore in the year-ago period. Total income of the company fell to Rs 311.12 crore in the third quarter of this fiscal year, from Rs 517.47 crore in the corresponding period of the previous year, it said.

The company is readying a war chest of about $1 billion to acquire land, assets, and under-construction projects from other builders facing stress due to the coronavirus pandemic. These acquisitions will help the company expand the topline and the market share. The company today approved an enabling resolution to raise Rs 3,750 crore through the issue of debt and equity.

During the April-December period of the FY2020-21, the company clocked a net profit of Rs 2.19 crore, registering a sharp drop from Rs 168.13 crore in the year-ago period. Total income, also declined to Rs 757.01 crore during the first nine months of this fiscal, from Rs 1,626.42 crore in the corresponding period of the previous year.

Mumbai-based Godrej Properties is the real estate arm of the Godrej group. It has projects in major cities such as Mumbai, Bengaluru, Delhi-NCR and Pune.

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