Construction Industry News
Godrej Properties Limited (GPL) has reported a 403% increase in its consolidated net profit for the second quarter (Q2) of FY22.
The company's after-tax profit (PAT) was Rs 35.72 crore in Q2 FY22, compared to Rs 7.10 crore in the last fiscal year.
The company's net consolidated total income was Rs 334.22 crore in Q2 FY22, growing 34% from Rs 250.23 crore in the last year. The net worth of the company was Rs 8,374.64 crore on September 30, 2021.
Executive Chairman of Godrej Properties, Pirojsha Godrej, said the real estate sector has recovered from the first quarter to the second period. The company has a robust launch pipeline in the second half (H2) of FY22.
According to a report, Godrej recorded a total booking value of Rs 2,574 crore and a total booking volume of 3.61 million sq ft in Q2 FY22, compared to Rs 1,074 crore with a total booking volume of 1.73 million sq ft in Q2 FY21.
It has also added a new project in Wadala, covering 7.5 acres with a salable area of 1.6 million square feet in Q2 FY22, including residential apartments of various configurations. The expected revenue potential of this project is Rs 3,250 crore.
The company announced that it has exited the Godrej Sky and Sundar Sangam projects in the Mumbai Metropolitan Region (MMR) due to the partners' inability to meet their commitments.
The development management fee in Godrej Sky was Rs 50 crore and the expected pre-tax profit (PBT) was Rs 44 crore in Sundar Sangam.
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