Godrej Properties Q2 net profit rises to Rs 20.57 cr

Realty firm Godrej Properties Thursday reported a sharp jump in consolidated net profit at Rs 20.57 crore for the second quarter of this fiscal.

Its net profit stood at Rs 0.21 crore in the year-ago period, the company said in a regulatory filing.

Total income increased to Rs 487.07 crore during July-September period of this fiscal as against Rs 349 crore in the corresponding period of the previous year.

Godrej Properties has restated its previous year's figures based on new accounting standard.

"The current environment gives us an outstanding opportunity to disproportionately scale our business development portfolio. We expect the pace of project additions to accelerate in second half of FY19. With a number of important launches, we also expect a strong second half of the financial year from a sales growth perspective," said Pirojsha Godrej, executive chairman, Godrej Properties.

Godrej Properties, the real estate arm of Godrej group, said its sales bookings stood at Rs 807 crore and total booking volume at 1.07 million sq ft in the second quarter of this fiscal. In the year-ago period, its total sales booking in value terms stood at Rs 1,335 crore and in volume 1.56 million sq ft.

During July-September, the company added two new projects with 2.9 million sq ft of saleable area.