Godrej Properties Q3 results: Net profit tanks 70%; total income down 38%

Godrej Properties on Thursday posted a 70 per cent decline in net profit at Rs 14 crore for the quarter ended December 31, 2020 (Q3FY21), compared to Rs 47 crore for the corresponding quarter a year earlier (Q3FY20).

The company's total income fell 38 per cent at Rs 306 crore for the quarter under review compared to Rs 491 crore in Q3FY20.

Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said: "The real estate sector has recovered from the initial impact of the pandemic. Government action to reduce stamp duties and premiums in Maharashtra combined with a higher intent towards home ownership as a result of the pandemic have helped drive a turnaround in sentiment towards residential real estate. We are pleased to see construction levels and cash flows at GPL normalize in the third quarter. With a large number of new project launches planned for the fourth quarter, we expect to end the year on a strong note and enter the new financial year with strong momentum."

The current quarter witnessed a total booking value growth of 25 per cent to Rs 1,488 crore and total booking volume growth of 51 per cent to 2.40 million sq. ft.