Godrej Properties on Thursday posted a 85.63 per cent year-on-year increase in consolidated net profit to Rs 28.81 crore for the quarter ended December 31, 2011.
The company, which posted a net profit of Rs 15.52 crore for the corresponding quarter last fiscal, also announced the appointment of Pirojsha Godrej as its Managing Director with effect from April 1, 2012.
During the period under review, the company's net sales stood at Rs 143 crore, a nearly three-fold jump from Rs 48.17 crore in the year-ago period.
The company said Pirojsha will replace Milind Korde, who has resigned for person reasons and "will step down as Managing Director on March 31, 2012". Korde will continue to support Godrej Properties in the role of Senior Adviser, it added.
Godrej Properties said Pirojsha has been closely involved in the strategy and operations of the company since he first joined in 2005.
In addition, the firm has appointed V Srinivasan -- who is currently CFO and company secretary at Godrej Industries -- as Executive Director of Godrej Properties with effect from April 1, 2012.
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