Godrej Properties posts Rs 17 cr profit in Q1; sales bookings down 68%

Realty firm Godrej Properties on Tuesday reported a consolidated net profit of Rs 17.01 crore for the quarter ended June even as its sales bookings fell 68 per cent to Rs 497 crore.

The Mumbai-based company had posted a net loss of Rs 19.26 crore in the year-ago period.

Total income rose to Rs 261.99 crore in the first quarter of this fiscal from Rs 195.66 crore in the corresponding period of the previous year.

According to an investors' presentation, the company sold properties worth Rs 497 crore during April-June 2021, down 68 per cent from Rs 1,531 crore in the year-ago period.

In the last fiscal year, Godrej Properties clocked sales bookings of a record Rs 6,725 crore, which was the highest among all listed real estate entities.

Godrej Properties is the real estate arm of business conglomerate Godrej group.