Godrej Properties Q2 profit jumps 5-fold: sales bookings hiked 2-fold

Realty firm Godrej Properties on Tuesday reported a five-fold jump in its consolidated net profit at Rs 35.72 crore for the quarter ended September on higher revenue.

Its net profit stood at Rs 7.10 crore in the year-ago period.

Total income rose to Rs 334.22 crore in the second quarter of this fiscal from Rs 250.23 crore in the corresponding period of the previous year, according to a regulatory filing.

Its sales bookings jumped more than two times to Rs 2,574 crore during the second quarter of the current fiscal from Rs 1,074 crore in the year-ago period.

Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd, said: After a weak first quarter, the real estate sector has rebounded strongly in the second quarter.

The company recorded one of its best ever quarters for bookings with a strong response to new launches across India, he said.

"We have a robust launch pipeline in the second half of the financial year and expect to build on the current momentum," Godrej said.

Mumbai-based Godrej Properties is part of business conglomerate Godrej Group. It is one of the leading real estate developers in the country with a strong presence in Delhi-NCR, Mumbai Metropolitan Region, Bengaluru and Pune markets.