Godrej Properties net profit up 54% to Rs 55 cr, net income grows 13%

Company says it has added 6 new projects with a total saleable area of 6.34 million sq ft

Godrej Properties on Wednesday reported a 54 per cent increase in its consolidated net profit to Rs 55 crore for the quarter ended September.

Net profit of the Godrej group subsidiary stood at Rs 36 crore in the corresponding quarter last year.

In the second quarter of this financial year, Godrej Properties had total bookings worth Rs 2,409 crore and a total booking volume of 2.71 million sq ft. 

Net sales increased by 28 per cent and stood at Rs 165.09 crore in Q2. However, net sales stood at Rs 129.32 crore in the previous year quarter.

The realty firm’s total income grew by 13 per cent year-on-year basis and stood at Rs 327 crore as against Rs 290 crore, last year in the same quarter.

During the second quarter last year, it recorded the highest-ever quarterly sales with a total bookings value of Rs 2,520 crore.

The company has acquired 12 acres of land in Pune for developing a premium group housing project that has an estimated sales revenue potential of about Rs 2,000 crore.

It has also added 6 new projects with a total saleable area of 6.34 million sq ft and total estimated booking value of Rs 6,025 crore year to date.

“At the halfway mark of the financial year, we are confident of achieving our booking value guidance of 10,000 crore for FY 23. We are witnessing a lot of momentum in business development and hope to deliver Godrej’s best ever year for new project additions through strong momentum in the second half of the year,” said Pirojsha Godrej, executive chairman, Godrej Properties.

This in turn will ensure that the sharp increase in booking value this year is continued in the years ahead, he said.