Godrej Properties registers net profit of Rs 38.95 cr in Q3 FY22

04 Feb 2022 CW Team

Godrej Properties Limited registered a profit after tax (PAT) of Rs 38.95 crore in the third quarter (Q3) of FY22, compared to Rs 14.35 crore during the same period last year. The company registered 171% growth in its consolidated net profit during the December-end quarter of 2020.

Its consolidated net income stood at Rs 466.91 crore in Q3 FY22, registering 50% growth from Rs 311.12 crore during the same quarter last year.

Executive Chairman of Godrej Properties, Pirojsha Godrej, said that the company's sales were muted in Q3 because several planned launches witnessed minor delays. The company aims at many new projects to have a strong portfolio in FY23.

During nine months, the company granted 30,640 new stocks to the eligible employees under the Employee Stock Grant Scheme (ESGS).The nine months ended on 31 December 2021. It has allotted 44,536 equity shares under ESGS.

Additionally, the company launched three new projects in Q3 FY22 and delivered 0,08 million sq ft land in Mumbai Metropolitan Region (MMR) in Q3 FY22.

Two residential plots have a sealable area of about 1.6 million sq ft in Bengaluru. The project is an outright purchase of land in Sarjapur spread across 10 acres of land. However, it will offer about 1.5 million sq ft of saleable area. The expected revenue potential from the project is about Rs 900 crore.

In the National Capital Region (NCR), the project is a joint venture (JV) with TDI Group to develop a residential project in Connaught Place. The project is expected to have a development potential saleable area of about 0.13 million sq ft. The expected revenue potential from the project is nearly Rs 650 crore.

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Also read: Godrej Properties partners with TDI group to develop housing project

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