Godrej Properties Ltd (GPL) on Thursday reported a 171.42% surge in its December quarter consolidated net profit to Rs 38.95 crore from Rs 14.35 crore in the corresponding period a year ago.
Revenue from operations jumped 63% to Rs 278.76 crore in the October-December period from Rs 170.49 crore a year ago. Ebitda grew 42% year on year to Rs 115 crore. Net debt as of December 2021 stood at Rs 313 crore.
The Mumbai based real estate firm witnessed sales booking of Rs 1541 crore and booking volume of 2.22 million square feet during the quarter compared to Rs 1488 crore and 2.40 million sq ft in the year ago period. Sequentially, sales booking and booking volume declined nearly 40% each.
"Our own sales were muted in the third quarter due to several planned launches seeing minor delays, but we believe the current quarter will be our best ever for residential sales. We are also focused on adding several exciting new projects to our portfolio, which will set us up well for a very strong FY23,” said Pirojsha Godrej, executive chairman, GPL.
During the quarter, GPL said it added two new residential projects in Delhi and Bengaluru and one new commercial project in Pune with a combined saleable area of 2.4 million sq. ft.
The firm said its total operating cash flow in the quarter was Rs 1879 crore. Workforce strength stood at 143% of pre-Covid levels as of December-end.
At 12.33 pm, GPL fell 5.75% to Rs 1681 while India's benchmark Sensex fell 0.8% to 59089 points.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
