Godrej Properties Q2 results: Profit surges 403% YoY to Rs 36 crore

MUMBAI: Realty developer Godrej Properties reported over 403% on-year jump in consolidated net profit at Rs 36 crore for the quarter ended September. Total income for the quarter grew 22% to Rs 290 crore.

The company’s operating profit for the quarter rose to Rs 105 crore as compared to Rs 77 crore a year ago.

During the quarter, the developer witnessed a total booking value of Rs 2,574 crore on the back of booking volume of 3.61 million sq ft as compared to total booking value of Rs 1,074 and booking volume of 1.73 million sq ft in the year ago quarter.

“After a weak first quarter, the real estate sector has rebounded strongly in the second quarter. Godrej Properties recorded one of its best ever quarters for bookings with a strong response to new launches across India. We have a robust launch pipeline in the second half of the financial year and expect to build on the current momentum,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.

During the quarter, the company entered into an agreement to redevelop a 7.5-acre land parcel in central Mumbai’s Wadala locality. The project is expected to offer about 1.6 million sq ft of saleable area comprising primarily residential apartments of various configurations.