Godrej Properties Q2 net drops 80% to Rs 7.1 crore on Covid-19 impact

The company's total income fell 37 per cent at Rs 250.23 crore in Q2FY21 from Rs 395.11 crore a year ago

Hit by Covid-19 related issues, Godrej Properties posted an 80 per cent drop in net profit in the second quarter of current financial year ended September 30, at Rs 7.10 crore, from Rs Rs 34.98 crore in corresponding quarter of previous financial year.

The company's total income fell 37 per cent at Rs 250.23 crore in Q2FY21 from Rs 395.11 crore in Q2FY20.

Godrej Properties said its total booking value in Q2FY21 stood at Rs 1,074 crore on a booking volume of 1.73 million sq ft. It sold 1,373 residential units in Q2FY21. In comparison, its booking value was Rs 1,446 crore on a volume of 2.26 million sq ft in Q2FY20.  

The firm added that H1 FY21 saw a total booking value of Rs 2,605 crore and volume of 4.24 million sq ft as compared to total booking value of Rs 2,343 crore and volume of 3.61 million sq ft. 

Pirojsha Godrej, executive chairman, Godrej Properties, said: "the real estate sector continues to be impacted by the pandemic, but we believe this provides Godrej Properties with a tremendous opportunity to drive market share growth in residential real estate. While our planned launches in the second quarter were postponed due to regulatory approval delays, we were happy to see one of our strongest ever quarters for sales from existing projects. With a robust launch pipeline in the second half of the financial year, we expect strong sales momentum during this period.”