Godrej Properties Q2 profit jumps over two-fold at Rs 106 cr

Godrej Properties Ltd today reported an over two-fold jump in consolidated net profit at Rs 106 crore for the quarter ended September 30, on the back of higher sales.

Its net profit stood at Rs 47 crore in the year-ago period.

Total income increased more than four-times to Rs 1,481 crore during July-September quarter compared to Rs 307 crore in the year-ago period, the company said in a statement.

"I am happy to note that this has been the best ever quarter for GPL on every relevant parameter. We registered our highest ever quarterly sales, revenues, EBITDA, net profit and cash flows. We look forward to building on this momentum in the year ahead," Company's Managing Director & CEO Pirojsha Godrej said.

The company said that the second quarter witnessed total booking value of Rs 1,957 crore and total booking volume of 12,56,014 sq ft as compared to total booking value of Rs 880 crore and total booking volume of 13,97,671 sq ft in second quarter of last fiscal.

Residential projects recorded booking value of Rs 478 crore, while commercial projects recorded booking value of Rs 1,479 crore.

During the second quarter of this fiscal, Godrej sold 435,000 sq ft at Godrej BKC, Mumbai for Rs 1,479 crore.

Godrej Properties, the realty arm of Godrej Group, is currently developing residential, commercial and township projects spread across 110.3 million sq ft in 12 cities.