Godrej Properties Q2 profit up 66 pc at Rs 34.19 cr

Realty firm Godrej Properties on Tuesday reported a 66 per cent increase in consolidated net profit at Rs 34.19 crore for the second quarter this fiscal. Its net profit stood at Rs 20.57 crore in the year-ago period, the company said in a regulatory filing.

Total income, however, declined to Rs 395.11 crore in the July-September this fiscal from Rs 487.07 crore in the same quarter previous year. The company's net profit rose despite fall in income as its total expenses reduced to Rs 296.69 crore from Rs 469.89 crore in the same period last year.

"The overall environment in the real estate sector remains challenging. This provides Godrej Properties with tremendous opportunity to drive market share growth in residential real estate. We expect strong momentum in both portfolio project additions and new project launches in H2 of FY20," said Pirojsha Godrej, Executive Chairman, Godrej Properties. On operational front, the company witnessed a total booking value of Rs 1,446 crore and total booking volume of 2.26 million sq ft in the second quarter of this fiscal.

Its sales booking stood at Rs 807 crore and 1.07 million sq ft in the corresponding period of the previous year. During the first half of this fiscal, Godrej Properties' sales bookings rose to Rs 2,343 crore compared to Rs 1,627 crore in the same period last financial year. In volume terms, sales bookings increased to 3.61 million sq ft from 2.24 million sq ft.

Godrej Properties is the real estate arm of the business conglomerate Godrej Group.

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