Real estate company Godrej Properties has recorded 54% annual growth in its net profit during the second quarter (Q2) of financial year 2022-23 (FY23).
During the three-month period ended September 30, 2020, the company’s profit stood at Rs 55 crore as compared to Rs 36 crore in the same period last year, Godrej Properties said in a regulatory filing on November 9, 2022.
Total income of the company, which is the real estate subsidiary of business conglomerate Godrej, stood at Rs 327 crore as compared to Rs 290 crore, reflecting annual growth of nearly 13%.
In Q2 FY23, Godrej Properties added four new projects across three cities. The company’s total booking value at the end of the quarter stood at Rs 2,409 crore with total booking volume of 2.71 million sqft.
For the financial year to date, the company has added six new projects across MMR, Bangalore and Pune, with an estimated revenue potential of Rs 6,025 crore.
“While the global macroeconomic environment deteriorated in the second quarter, India’s economy continues to outperform. Residential real estate demand continues to remain robust. At the halfway mark of the financial year, we are confident of achieving our booking value guidance of 10,000 crore for FY23.
“We are witnessing a lot of momentum in business development, and hope to deliver the company’s best year for new project additions through strong momentum in the second half of the year. This will ensure that the sharp increase in booking value this year is continued in the years ahead,” said Pirojsha Godrej, executive chairman, Godrej Properties Limited.
Godrej Properties has been ranked number one among listed global residential developers for the third consecutive year by the Global Real Estate Sustainability benchmark. In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.
