Godrej Properties has registered a growth of 171 per cent in its net consolidated profit during the quarter ended December 31, 2020. The company recorded profit after tax (PAT) of Rs 38.95 crore in Q3 FY22 as against Rs 14.35 crore it reported in the corresponding quarter previous fiscal, the company said in a BSE filing.
The company’s net consolidated income stood at Rs 466.91 crore in Q3 FY22, a growth of 50 per cent from Rs 311.12 crore it recorded in the similar quarter last year.
“Our own sales were muted in the third quarter due to several planned launches seeing minor delays. We are focused on adding several exciting new projects to our portfolio, which will set us up well for a very strong FY23,” said Pirojsha Godrej, executive chairman of the company.
During the nine months ended December 31, 2021, the company has granted 30,640 new stock to eligible employees under the Employee Stock Grant Scheme (ESGS). Further, during the nine months ended December 31, 2021, the company has allotted 44,536 equity shares upon exercise of stock grants under the Employee Stock Grant Scheme.
Godrej Properties launched three new projects/phases in Q3 FY22 and delivered about 0.08 million sq ft. in Mumbai Metropolitan Region (MMR) in Q3 FY22, it said in the investors presentation.
The two new residential projects have a saleable area of about 1.6 million sq. ft. In Bengaluru, the project is an outright purchase of land in Sarjapur. Spread across approximately 16 acres, it will offer approximately 1.5 million sq. ft. of saleable area. The expected revenue potential from the project is approximately Rs 900 crore.
In NCR, the project is a joint venture with TDI group to develop residential project in Connaught Place. It is estimated to have a developable potential of approximately 0.13 million sq. ft. of saleable area. The expected revenue potential from the project is approximately Rs 650 crore.