Godrej Properties reports net profit of Rs 17 cr in Q1 FY22

Realty firm Godrej Properties announced a consolidated net profit of Rs 17.01 crore for the first quarter of the financial year 2021-22. In the corresponding quarter of the previous year, the company had posted a net loss of Rs 19.26 crore. The total consolidated income of the company increased to Rs 261.99 crore in Q1 FY22, against Rs 195.66 crore in a similar period of the last year. On July 29, 2021, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the merger of Godrej Landmark Redevelopers with Godrej Projects Development; however, the company has not received the final order till date, the company said in the regulatory filing. In the regulatory filing Godrej Properties also informed that it is in the process of filing an appeal in the Supreme Court against the recent order of the National Green Tribunal (NGT) against the company and its joint venture company Wonder Projects Development' project Godrej Reflections located in Bengaluru. The NGT had quashed the environmental clearance (EC) awarded to the project and had directed its demolition immediately. It also imposed a Rs 31 crore penalty on the project proponent and said the amount shall be utilised for demolition of the constructions, restoration of the region to the original position, rejuvenation, and reforestation of the Kaikondrahalli lake and its surrounding region. Image Source Also read: Sunteck Realty Q1 FY22 results: Net consolidated profit at Rs 3.08 cr