Godrej Properties Q2 profit increases by 22% to Rs 66.80 crore

Godrej Properties

Listed real estate developer Godrej Properties on November 2 reported an increase of 22 per cent in its consolidated net profit to Rs 66.80 crore in the second quarter of the fiscal year. It also reported an over two-fold increase in sales bookings that stood at Rs 5034 crore during the quarter.

Its net profit stood at Rs 54.96 crore in the year-ago period.

The company's total income increased to Rs 605.11 crore during the July-September period of 2023-24 financial year from Rs 369.20 crore in the corresponding period of the previous year, according to a regulatory filing.

The company’s collections grew by 23 percent to Rs 2,378 crore in Q2 FY24, leading to net operating cash flow of Rs 811 crore in Q2 FY24. It delivered around 1.55 million sq. ft. across two markets in Q2 FY24.

Godrej Properties informed that its sales bookings jumped over two-fold to Rs 5,034 crore in the second quarter of this fiscal over Rs 2,409 crore in the year-ago period on higher volumes. The company said this is its "highest-ever quarterly sales-booking value". It achieved Rs 2,016 crore in sales bookings from a single project -- Godrej Tropical Isle -- in Noida.

“The residential real estate sector in India has been very strong and resilient over the past two years and we believe the real estate cycle will continue to strengthen over the next few years. The significant levels of business development we have executed over the past several years provides us the opportunity to maximize the growth opportunities available in the market and our topmost priority is bringing these projects to market in the upcoming quarters,” said Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited.

“We saw strong demand for our new launches this quarter and we are delighted with the response to our project, Godrej Tropical Isle in Noida which received bookings of more than Rs 2,000 crores within the quarter making it GPL’s most successful ever launch. We remain on-track to exceed our bookings target of Rs 14,000 crore in FY24 and are confident of also delivering our best ever cash collections and project deliveries.”