Godrej Properties Net Profit Jumps 50% At Rs 31 Cr For Q2FY20
New Delhi: Godrej Properties Ltd’s net profit jumped 50 percent to Rs 31 crore for the second quarter of the current fiscal as compared to 20.57 crore for the same period of the last fiscal.
The total income of the company, however, dropped 22 percent to Rs 370 crore in the second quarter of the ongoing fiscal as against Rs 474 crore in the corresponding period of the last financial 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 FY20,” said Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd in a statement.
The total booking value of the company in the second quarter of the current fiscal stood at Rs 1446 crore. The total booking value touched 2.26 million sq ft mark. The total booking value in the second quarter of the previous fiscal was Rs 807 crore and the total booking volume was 1.07 million sq ft.
The company launched residential projects ‘Godrej South Estate’ (Delhi NCR) and ‘Godrej Hillside 1’ (Pune) in the second quarter of the ongoing fiscal. Godrej South Estate witnessed booking value of Rs 310 crore while Godrej Hillside 1 had booking value of 253 crore.