On November 2, listed real estate developer Godrej Properties said that its consolidated net profit for the second quarter of the fiscal year increased by 22% to Rs 66.80 crore. Additionally, it recorded a more than twofold growth in sales bookings, which for the quarter totalled Rs. 5034 crore.
Its net profit for the previous year was Rs 54.96 crore.
According to a regulatory filing, the company’s total income climbed from Rs 369.20 crore in the equivalent period of the previous year to Rs 605.11 crore during the July-September quarter of the 2023–24 financial year.
In Q2 FY24, the company’s collections increased by 23% to Rs 2,378 crore, resulting in Rs 811 crore in net operational cash flow. In Q2 of FY24, it supplied about 1.55 million square feet over two markets.
Godrej Properties reported that, due to increasing volumes, its sales bookings more than doubled to Rs 5,034 crore in the second quarter of current fiscal year from Rs 2,409 crore in the same period last year. This is the “highest-ever quarterly sales-booking value” the corporation has reported. Its sales bookings from a single project, Godrej Tropical Isle in Noida, totalled Rs 2,016 crore.
Over the past two years, the Indian residential real estate market has proven to be incredibly robust and durable, and we anticipate that this trend will continue in the next years. The substantial business development we have carried out over the last few years gives us the chance to take full advantage of the market’s growth prospects, and launching these projects in the next quarters is our first priority, according to Godrej Properties Limited Executive Chairperson Pirojsha Godrej.
