Godrej Properties Q2 profit rises 54% to Rs 54.96 crore on higher income

Realty firm Godrej Properties on Wednesday reported a 54 per cent increase in its consolidated net profit to Rs 54.96 crore for the quarter ended September on higher income.

Its net profit stood at Rs 35.73 crore in the year-ago period.

The total income also rose to Rs 369.20 crore in the second quarter of this fiscal from Rs 334.22 crore a year ago, according to a regulatory filing.

Its sales bookings fell 6 per cent to Rs 2,409 crore in the July-September period against Rs 2,574 crore in the year-ago period.

During the April-September period of this fiscal, the sales bookings rose 60 per cent to Rs 4,929 crore from Rs 3,072 crore in the corresponding period of the previous year.

 

Pirojsha Godrej, Executive Chairman, of Godrej Properties Ltd, said: "While the global macroeconomic environment deteriorated in the second quarter, India's economy continues to outperform and residential real estate demand continues to remain robust".

"At the halfway mark of the financial year, we are confident of achieving our booking value guidance of Rs 10,000 crore for FY 23," he added.

Godrej said the company is witnessing a lot of momentum in business development.

He expects to deliver its best-ever year for new project additions through strong momentum in the second half of the year.

"This in turn will ensure that the sharp increase in booking value this year is continued in the years ahead," he said.

Godrej Properties acquires land outright and also forms joint development agreements (JDAs) with landowners to expand its new development portfolio.

On Tuesday, Godrej Properties Ltd said it has acquired 12 acres of land in Pune for the development of a housing project that has an estimated sales revenue potential of about Rs 2,000 crore.

Godrej Properties, which is part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country.