Real estate major Godrej Properties on August 3 reported a consolidated net profit of Rs 17.01 crore for the quarter ended June 2021 (Q1FY22) even as its sales bookings fell 68 percent to Rs 497 crore on account of the second wave of COVID-19.
In the first quarter of FY22, the company witnessed a total booking value of Rs 497 crore and total booking volume of 0.77 million sq. ft. as compared to total booking value of Rs 1,531 crore and total booking volume of 2.51 million sq. ft. in the first quarter of FY21, the company said in a statement.
In the last fiscal year, Godrej Properties clocked sales bookings of a record Rs 6,725 crore, which was the highest among all listed real estate entities.
It 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, it said.
The Mumbai-based company had posted a net loss of Rs 19.26 crore in the year-ago period.
Total income rose to Rs 261.99 crore in the first quarter of this fiscal from Rs 195.66 crore in the corresponding period of the previous year.
As for projects under the commercial platform, in Indira Nagar, Bengaluru, the company bought a 20% stake in a company to develop a commercial project with Godrej Fund Management under its commercial platform. The project offers 1.05 million sq. ft. of leasable area. GPL’s economic interest is 20% equity in project specific company, it said.
The company also delivered around 0.5 million sq. ft. in Pune in Q1 FY22, the statement said.
“Our focus in the first quarter was on ensuring the safety and well being 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,” said Pirojsha Godrej, Executive Chairman at Godrej Properties Limited.
“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,” he said.