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

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

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

Next Story
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Next Story
Technology

Creativity is for Humans, Productivity is for Robots!

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Infrastructure Urban

Bhartiya Urban Unveils ‘Bhartiya Converge’ GCC Enablement Platform

Bhartiya Urban has launched Bhartiya Converge, its latest business venture designed to become India’s premier platform for enabling Global Capability Centres (GCCs). The initiative offers an integrated ecosystem aimed at helping global clients gain a competitive edge in today’s rapidly evolving business environment. Focused on enhancing turnaround time and operational efficiencies, the company seeks to deliver better business outcomes powered by top-tier talent. Bhartiya Converge presents a customised and integrated suite of microservices that addresses the nuanced and evolving operational..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?