Godrej posts Rs 17 cr net profit in Q1FY22

Godrej Properties Limited (GPL), a leading national real estate developer, on August 3 announced its financial results for the first quarter ended June 30, 2021.

According to a press release, the quarter witnessed total booking value of Rs 497 crore and total booking volume of 0.77 million sq. ft. as compared to total booking value of Rs 1,531 crore and total booking volume of 2.51 million sq. ft. in Q1 FY21

The company leased over 1 lakh sq. ft. of office space at Godrej Two, despite two months of lockdown. Construction activity continued at most of the sites during the lockdown, albeit at a slower pace, said the release.

The total income of the company during Q1 FY2022 stood at Rs 232 crore as compared to Rs 165 crore in Q1 FY2021. EBITDA was at Rs 82 crore as compared to Rs 40 crore. The company reported a net profit of Rs 17 crore as against Rs 19 crore in the corresponding quarter.

Mr Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said: “Our focus in the first quarter was on ensuring the safety and wellbeing of our workforce. The quarter has been disappointing operationally due to the impact of the second wave. Sales in June and July were 384 pc higher than those in April and May and we expect to see very strong sales momentum in the remainder of the financial year given a large number of launches that are planned.”