Godrej Properties Net Profit Jumps 162 % At Rs 90 Cr For Q1FY20

New Delhi: Godrej Properties today reported a 161 percent jump in net profit at Rs 89.87 crore for the first quarter ended June 2019 as compared to Rs 34.30 crore  for the corresponding quarter of the previous year, according to a regulatory filing.

The net sales of the company, however, fell 33 percent to Rs 713.84 crore in the latest quarter as compared to Rs 1,066.73 crore in the corresponding period of the previous year.      

The company recorded total booking volume of 1.35 million sq ft in the latest quarter as compared to booking volume of of 1.17 million sq ft in the same quarter of last fiscal, it said in a statement. 

It also added one new project ‘RK Studios” with saleable area of 0.35 million sq ft in the latest quarter. RK Studios is a residential project located in Chembur, Mumbai. 

Godrej Properties delivered 1.4 million sq ft in the first quarter of the current financial year.

“In June of this year, we successfully raised Rs 2,100 crore through a Qualified Institutional Placement. Our timely equity raise has significantly bolstered our balance sheet which we believe will enable us to strengthen our portfolio with new projects at attractive terms. The total value of bookings in Q1 FY20 stood at Rs 897 crore. Given our exciting launch pipeline, we are confident of delivering significant increase in sales numbers in the months ahead,” said Pirojsha Godrej, Executive Chairman, Godrej Properties Limited.