Godrej Properties’ profit in the second quarter is multiplied by 5: sales bookings have been multiplied by 2
Real estate company Godrej Properties on Tuesday reported a fivefold consolidated net profit to Rs 35.72 crore for the quarter ended in September thanks to higher revenues.
Its net profit stood at Rs 7.10 crore during the period last year.
Total income rose to Rs 334.22 crore in the second quarter of this fiscal year, up from Rs 250.23 crore in the corresponding period of the previous year, according to a regulatory filing.
Its sales bookings have jumped more than twice to reach Rs 2,574 crore in the second quarter of the current fiscal year, compared to Rs 1,074 crore in the period last year.
Pirojsha Godrej, Executive Chairman of Godrej Properties Ltd, said: After a weak first quarter, the real estate sector rebounded strongly in the second quarter.
The company had one of its best quarters for bookings with a strong response to new launches across India, he said.
“We have a strong pipeline of launches in the second half of the year and look forward to building on the current momentum,” said Godrej.
Godrej Properties, based in Mumbai, is part of the business conglomerate Godrej Group. It is one of the country’s leading real estate developers with a strong presence in the Delhi-NCR, Mumbai Metropolitan Area, Bengaluru and Pune markets.
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