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Godrej Properties posts net profit of Rs 35 crore in Q2 FY22, Real Estate News, ET RealEstate

Godrej Properties posts net profit of Rs 35 crore in Q2 FY22, Real Estate News, ET RealEstate
NEW DELHI: Godrej Properties (GPL) has reported a 403 per cent increase in its consolidated net profit for the quarter ended September 2021. Its profit after tax (PAT) stood at Rs 35.72 crore in Q2 FY22 as against Rs 7.10 crore it recorded in the corresponding quarter previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 334.22 crore in Q2 FY22, a growth of 34 per cent from Rs 250.23 crore it registered in the similar quarter of last year.

Its net worth was Rs 8,374.64 crore as of September 30, 2021.

Pirojsha Godrej, executive chairman, Godrej Properties said, “After a weak first quarter, the real estate sector has rebounded strongly in the second quarter. We have a robust launch pipeline in the second half of the financial year and expect to build on the current momentum.”

It witnessed a total booking value of Rs 2,574 crore and total booking volume of 3.61 million sq ft in Q2 FY22 as compared to total booking value of Rs 1,074 crore and total booking volume of 1.73 million sq ft in Q2 FY21, the company said in a media release.

GPL added a new project spread across 7.5 acres in Wadala, Mumbai Metropolitan Region (MMR) with saleable area of about 1.6 million sq ft in Q2 FY22 comprising primarily of residential apartments of various configurations. The expected revenue potential from the project is approximately Rs 3,250 crore, it said.

In its investor presentation the company said that it has exited Godrej Sky and Sundar Sangam projects in MMR due to the partner’s inability to fulfill their obligations. Its DM fee in Godrej Sky was Rs 50 crore and it expected PBT of Rs 44 crore in Sundar Sangam.

The National Green Tribunal (NGT) had on July JO, 2021 pronounced an order against, inter alia, the holding company and its joint venture company viz Wonder Projects Development (WPDPL) in relation to environmental clearance granted to a project being developed by WPDPL in Bengaluru. WPDPL challenged the said order before the Supreme Court which had directed the parties to maintain status quo in its August 26, 2021 order, it said in the regulatory filing.


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