Realty company Godrej Properties Ltd has clocked net profit of Rs32.9 crore in the second quarter ended 30th September, down from Rs44.7 crore posted in the year-ago period.
Total revenues declined to Rs83.7 crore in the second quarter financial year 2010-11 from Rs98.9 crore in the corresponding period of the last fiscal, the Godrej Group firm said in a press release However, its first half of the FY 2010-11 net profit expanded to Rs55.4 crore, as against Rs47.7 crore in the year-ago period, while total revenues also rose to Rs157.2 crore from Rs117.7 crore in the year-ago period.
Godrej Properties Chairman Adi Godrej said demand in the residential segment continues to improve in many cities and "largely outstrips prevailing supply levels."
"We expect sustained opportunities and growth in the future. Godrej Properties remains committed to growth through its joint venture business model," he said.
The company has launched projects in eight cities. It has entered a joint development (JD) agreement with Bombay Footwear to develop 1,50,000 sq ft of residential space in Chembur, Mumbai. Godrej Properties will share 50% of the revenue, the release added.
On residential sales, the company said they constituted over 1,20,000 sq ft in Q2 FY 2010-11.
On Wednesday, Godrej Properties shares ended 1.5% up at Rs705 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.
Financial services firm Religare Enterprises Ltd today reported a consolidated net loss of Rs24.2 crore in the second quarter of the current fiscal, mainly on account of investments in its subsidiaries.
The company had a net profit of Rs29.7 crore during the July-September quarter of the last fiscal.
The company attributed the loss to investment in its global asset management and investment banking subsidiaries.
Religare reported a total income of Rs627.4 crore in second quarter financial year 2010-11, up 51% year-on-year basis.
In the first half of 2010-11, the company's consolidated net loss is Rs73.6 crore, compared to net profit of Rs43.1 crore during April-September period last year, Religare Enterprises, said in a statement.
On Wednesday, Religare Enterprises shares gained 2.3% to Rs474 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.
Wind turbines major Suzlon Energy Ltd said it has awarded a five-year contract to global IT company IBM for an undisclosed amount. IBM will provide business consulting services to Suzlon and manage its application development and maintenance requirements.
The partnership is expected to help Suzlon expand its presence globally by bringing more efficiency to its worldwide operations and enhancing productivity of IT applications, IBM said in a statement.
IBM will help Suzlon optimise its costs and resources and enable the company's IT team to focus more on the transformational capabilities of IT and move beyond everyday transaction management.
On Wednesday, Suzlon shares declined 2.5% to Rs57 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.