Godrej Properties Q2 consolidated net profit falls 78% to Rs 7.10 crore

Godrej-Properties

Real estate developer Godrej Properties Limited (GPL) on November 3 reported a 78 percent fall in its consolidated net profit at Rs 7 crore for the quarter ended September 30, 2020. The company’s net profit stood at Rs 32 crore in the year-ago period.

The firm’s total income also fell to Rs 250.23 crore in the second quarter of this fiscal year from Rs 395.11 crore in the corresponding period of the previous year, according to a regulatory filing.

As far as sales highlights are concerned, Q2 FY21 witnessed a total booking value of Rs 1,074 crore and total booking volume of 1.73 million sq. ft. as compared to the total booking value of Rs 1,446 crore and total booking volume of 2.26 million sq. ft. in Q2 FY20, the company said.

The first half of 2021 witnessed a total booking value of Rs 2,605 crore and total booking volume of 4.24 million sq. ft. as compared to total booking value of Rs 2,343 crore and total booking volume of 3.61 million sq. ft. in the first half of the financial year 2020, the company said.

In business development, the company added a new project in Mumbai with a saleable area of around 1.5 million sq. ft. in Q2 FY21 and a new project in Bengaluru with a saleable area of around 1.6 million sq. ft. in October 2020

The company also purchased land in Kalyan, strengthening GPL’s presence in MMR. Spread across 20 acres, this project will offer approximately 1.5 million sq. ft. of saleable area comprising primarily of a residential area of various configurations with a small retail/commercial space, it said.

The Bengaluru project is an outright purchase of land in Sarjapur, which has established itself a preferred residential location with good connectivity to the Outer Ring Road and several other key hubs of the city. Spread across 15 acres, the project will offer approximately 1.6 million sq. ft. of saleable area comprising residential apartments, it said. The company delivered around 2.9 million sq. ft. across two cities in Q2 FY21, it 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,” said Pirojsha Godrej, executive chairman, Godrej Properties Limited.

News Source:- Moneycontrol

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