Godrej Properties has reported a 78 per cent dip in its consolidated net profit for the second quarter of this financial year. Its profit after tax (PAT) stood at Rs 7.10 crore as against Rs 31.57 crore it recorded in the similar quarter last year, the company said in a BSE filing.
The company’s total income stood at Rs 250.23 crore in Q2 FY21, a dip of 36% from Rs 395.11 crore it registered in the corresponding period of the previous year.
During the quarter ended September 30, 2020, the holding company has issued 10,000 unsecured reedeemable non convertible debentures (NCD) of face value Rs 10,00,000 aggregating to Rs 1,000 crore, the company said in the regulatory filing.
“While our planned launches in the second quarter were postponed due to regulatory approval delays, we were happy to see one of our strongest ever quarters for sales from existing projects,” said Pirojsha Godrej, executive chairman, Godrej Properties.
During the quarter and half year ended September 30, 2020. the holding company has granted 44,452 new stock to eligible employees under the Employee Stock Grant Scheme (ESGS). Further, during the half year ended September 30, 2020 holding company has allotted 56,829 equity shares upon exercise or stock grants under the ESGS.
In a separate filing the company informed that the board of directors of Ceear Lifespaces and Godrej Landmark Redevelopers, subsidiaries of Godrej Properties, have approved the scheme of amalgamation with Godrej Properties. The companies have been merged to consolidate real estate business and eliminate multiple entities.