Godrej Properties Q2 Profit Up 22%, Sales Bookings Surge to Rs 5,034 cr

New Delhi, Nov 2 (PTI) Realty firm Godrej Properties on Thursday reported a 22 per cent rise in its consolidated net profit to Rs 66.80 crore and an over two-fold jump in sales bookings to Rs 5,034 crore during the September quarter.

Its net profit stood at Rs 54.96 crore in the year-ago period.

Total income rose to Rs 605.11 crore during the July-September period of the 2023-24 financial year from Rs 369.20 crore in the corresponding period of the previous year, according to a regulatory filing.

In an investors' presentation, Godrej Properties informed that its sales bookings jumped over two-fold to Rs 5,034 crore in the second quarter of this fiscal over Rs 2,409 crore in the year-ago period on higher volumes.

The company said this is its "highest-ever quarterly sales-booking value".

It achieved Rs 2,016 crore in sales bookings from a single project -- Godrej Tropical Isle -- in Noida.

Godrej Properties, which is a real estate arm of business conglomerate Godrej Group, is one of the leading real estate developers in the country.

It has projects across various cities but focuses mainly on Mumbai Metropolitan Region, Delhi-NCR, Pune and Bengaluru.

Pirojsha Godrej, Executive Chairperson of Godrej Properties, said: "The residential real estate sector in India has been very strong and resilient over the past two years and we believe the real estate cycle will continue to strengthen over the next few years."

The significant levels of business development the company has executed over the past several years provide it the opportunity to maximise the growth opportunities available in the market, he said.

"our topmost priority is bringing these projects to market in the upcoming quarters," Godrej said.

"We saw a strong demand for our new launches this quarter and we are delighted with the response to our project, Godrej Tropical Isle in Noida which received bookings of more than INR 2,000 crore within the quarter making it GPL's most successful ever launch," he highlighted.