Godrej Properties on Tuesday reported a consolidated net profit of Rs 260.47 crore for the quarter ended in March while its sales bookings grew by 23 per cent to Rs 3,248 crore on improved housing demand despite the second wave of the COVID-pandemic.
The company had posted a net loss of Rs 191.57 crore in the year-ago period.
Total income increased to Rs 1,522.57 crore during the January-March quarter of the last fiscal from Rs 576.08 crore in the year-ago period, according to a regulatory filing.
Mumbai-based Godrej Properties posted a net profit of Rs 352.37 crore during the 2021-22 fiscal year as against a net loss of Rs 189.30 crore in the previous year.
Total income increased to Rs 2,585.69 crore in the last fiscal from Rs 1,333.09 crore in the 2020-21 fiscal.
On operational front, Godrej Properties said that its sales bookings rose 23 per cent to Rs 3,248 crore. The sales bookings increased 17 per cent in the entire last fiscal to Rs 7,861 crore, of which Rs 7,781 crore came from the residential properties. It sold 9,121 homes with a total area of 10.8 million square feet in FY22.
The company achieved record sales bookings during the fourth quarter as well for the full last financial year.
Pirojsha Godrej, Executive Chairman, Godrej Properties, said: “The real estate sector has strengthened during FY22 and we expect strong growth for the sector over the next few years. We are pleased to close the financial year with our best ever annual sales, cash collections, and earnings. With a robust launch pipeline, strong balance sheet and sectoral tailwinds, we look forward to building on this momentum in FY23.”
During the 2021-22 fiscal, the company added 6 new residential projects with around 9.33 million square feet of saleable area. The company delivered around 6.4 million square feet across 5 cities in FY22. The collections from customers was also record at Rs 6,907 crore in FY22.
Godrej Properties, the real estate arm of the business conglomerate Godrej Group, is one of the leading developers in the country. It has a significant presence in the property markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune and Bengaluru.
The company has delivered around 24 million square feet of real estate in the past five years. The company currently has 192 million square feet of saleable area across India.
