Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the first quarter ended June 30, 2021.
The company posted a net profit of Rs17.01cr in the quarter ended June 2021 as against a net loss of Rs19.26cr during the previous quarter ended June 2020.
The sales increased by 19.19% to Rs86.16cr in the quarter ended June 2021 as against Rs72.29cr during the previous quarter ended June 2020.
Highlights
• Q1 FY22 witnessed total booking value of INR 497 crore and total booking volume of 0.77 million sq. ft. as compared to total booking value of INR 1,531 crore and total booking volume of 2.51 million sq. ft. in Q1 FY21
• Leased over 1 lakh sq. ft. of office space at Godrej Two, despite two months of lockdown
• Construction activity continued at most of the sites during the lockdown, albeit at a slower pace. The workforce strength stood at 131% of our pre-COVID strength as of June end
Commenting on the performance of Q1 FY2022, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said: “Our focus in the first quarter was on ensuring the safety and wellbeing of our workforce. The quarter has been disappointing operationally due to the impact of the second wave. Sales in June and July were 384% higher than those in April and May and we expect to see very strong sales momentum in the remainder of the financial year given a large number of launches that are planned."
"We also expect significant portfolio additions this financial year, which will benefit the medium-term growth trajectory of our business. Our team was encouraged to score the highest rating amongst all real estate developers in the ESG ratings by CRISIL and looks forward to building on this in the years ahead,” Pirojsha Godrej said.