Godrej Properties Q2 results: Net profit down 78% YoY

MUMBAI: Godrej Properties, real estate development arm of Godrej Group, has reported a 78% decline in its consolidated net profit for the quarter at Rs 7 crore with a 36% drop in total income at Rs 238 crore.

The company has sold 1,373 apartments with a total booking value of Rs 1,074 crore in the quarter ended September. Total booking volume for the quarter stood at 1.73 million sq ft as compared to 2.26 million sq ft a year ago with a total value of Rs 1,446 crore.

While the quarterly sales performance declined from a year ago, the company’s booking value in the first half of the current financial year increased 11% from a year ago. For the six months ending September, it has witnessed a total booking value of Rs 2,605 crore and total booking volume of 4.24 million sq ft.

“The real estate sector continues to be impacted by the pandemic but we believe this provides Godrej Properties with a tremendous opportunity to drive market share growth in residential real estate. While our planned launches in the second quarter were postponed due to regulatory approval delays, we were happy to see one of our strongest ever quarters for sales from existing projects,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.

He expects the robust launch pipeline in the second half of the financial year to provide the company a strong sales momentum during this period.

The company has stated that construction worker strength at its sites has doubled during the quarter and increased to 130% of Pre-Covid levels.

During the quarter, the company has added a new project in Mumbai with a saleable area of nearly 1.5 million sq ft. In October, it added a new project in Bengaluru with a saleable area of around 1.6 million sq ft.