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    Godrej Properties Q2 net profit grows 50% YoY

    Synopsis

    Total income for the quarter declined 22 per cent from a year ago to Rs 370 crore.

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    Its net profit stood at Rs 20.57 crore in the year-ago period, the company said in a regulatory filing.
    Realty developer Godrej Properties has reported a 50 per cent year-on-year (YoY) rise in consolidated net profit at Rs 31 crore for the quarter ended September 2019. Total income for the quarter declined 22 per cent from a year ago to Rs 370 crore.

    During the second quarter, the company witnessed a total booking value of Rs 1,446 crore and total booking volume of 2.26 million sq ft compared with total booking value of Rs 807 crore and total booking volume of 1.07 million sq ft a year ago.

    “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.

    For the half year ended September, the company achieved total booking value of Rs 2,343 crore and total booking volume of 3.61 million sq ft as compared to total booking value of Rs 1,627 crore and total booking volume of 2.24 million sq ft a year ago.
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