Godrej Properties Q2 results: Net profit increases 403% at Rs 35.72 cr

03 Nov 2021 CW Team

Godrej Properties Limited (GPL) has reported an increase of 403% in its consolidated net profit for the second quarter (Q2) of FY22.

The company's profit after tax (PAT) stood at Rs 35.72 crore in Q2 FY22, compared to Rs 7.10 crore in the last fiscal year.

The net consolidated total income of the company stood at Rs 334.22 crore in Q2 FY22, with a growth of 34% from Rs 250.23 crore in the last year. The company's net worth was Rs 8,374.64 crore as of 30th September 2021.

Executive Chairman of Godrej Properties, Pirojsha Godrej, said that the real estate sector has rebounded from the first quarter to the second period. The company has a robust launch pipeline in the second half (H2) of FY22.

According to a report, Godrej registered a total booking value of Rs 2,574 crore and a total booking volume of 3.61 million sq ft in Q2 FY22, compared to Rs 1,074 crore with a total booking volume of 1.73 million sq ft in Q2 FY21.

It has also added a new project in Wadala, across 7.5 acres with a saleable area of 1.6 million sq ft in Q2 FY22, including residential apartments of various configurations. The expected revenue potential from this project is Rs 3,250 crore.

The company announced that it has exited from Godrej Sky and Sundar Sangam projects in Mumbai Metropolitan Region (MMR) because of the inability of the partners to fulfil obligations.

The development management fee in Godrej Sky was Rs 50 crore, and its expected profit before tax (PBT) was Rs 44 crore in Sundar Sangam.

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Also read: DLF Q2 results: Net profit increases 64% to Rs 378.95 cr

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