Godrej Properties Q1 profit nearly triples to ₹46 cr

PTI | | Updated on: Aug 02, 2022
Pirojsha Godrej, Managing Director and CEO, Godrej Properties Ltd.

Pirojsha Godrej, Managing Director and CEO, Godrej Properties Ltd. | Photo Credit: SHASHI ASHIWAL

On the operational front, Godrej Properties’ total sale bookings jump five folds

Godrej Properties on Tuesday said its Q1 consolidated net profit nearly tripled to ₹45.55 crore while sales bookings jumped five times to ₹2,520 crore.

The Mumbai-based developer announced the company's Managing Director and Chief Executive Officer, Mohit Malhotra has resigned with effect from December 31 this year to pursue opportunities outside Godrej Properties. Gaurav Pandey will become the new MD and CEO from January 1 next year.

The announcements were made during the company's board meeting on Tuesday.

The company's net profit stood at ₹17.03 crore in the year-ago period.

Total income rose to ₹426.40 crore in April-June quarter in FY23 from ₹261.99 crore in the year-ago period, according to a regulatory filing.

On the operational front, Godrej Properties said its total sale bookings jumped five folds to ₹2,520 crore in Q1FY23 from ₹497 crore in the year-ago period.

"Having delivered our highest ever Q1 bookings of ₹2,520 crore, we are on track to meet our FY 23 objective of achieving ₹10,000 crore booking value. Despite elevated inflation and recent interest rate hikes, the real estate sector has been exceptionally resilient," said Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd.

He expects the sector to continue to strengthen in the coming quarters.

"...we will be focused on significant market share gains through new project acquisitions and launches. We have a robust launch pipeline for rest of the year, which will help us build on the current momentum," Pirojsha said.

Godrej Properties is one of the leading real estate developers in the country. The company, a part of the business conglomerate Godrej group, has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, and Pune property markets.

Published on August 02, 2022
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