Despite a decline in its revenues, Godrej Properties reported a nearly two fold increase in consolidated net profit for the quarter ended June 30 at Rs 89.87 crore mainly on the back of decline in total expenses.

The company had reported a net profit of Rs 34.25 crore in the corresponding quarter last fiscal. Its total income for the April-June 2019 quarter stood at Rs 713.84 crore as against Rs 1,066.73 crore, registering a decline of 33.08 per cent.

The total expenses for the quarter declined 42.76 per cent to Rs 567.84 crore from Rs 992.14 crore in Q1 FY19.

During the quarter, the company witnessed total booking value of Rs 897 crore and total booking volume of 1.35 million sqft as compared to Rs 820 crore and 1.17 million sqft, respectively, in Q1 FY19.

The company also added one new project with saleable area of 3.5 lakh sqft in Q1 FY20 and delivered 1.4 million sqft across two cities, the release said.

“In June this year, we successfully raised Rs 2,100 crore through a QIP. Our timely equity raise has significantly bolstered our balance sheet which we believe will enable us to strengthen our portfolio with new projects at attractive terms,” its executive chairman Pirojsha Godrej said.

He further said that given its launch pipeline, the company is confident of delivering significant increase in sales numbers in the months ahead. The company’s net debt/equity ratio now stands at 0.2 times.

During the quarter, the company acquired iconic RK Studios from the Kapoor family. Spread across 2.2 acre, this project will offer 3.5 lakh sqft of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience.

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