Godrej Properties Q2 profit jumps 5-fold to Rs 335.21 cr on higher revenue

New Delhi, Oct 23 (PTI) Realty firm Godrej Properties on Wednesday reported a five-fold jump in its consolidated net profit to Rs 335.21 crore for the quarter ended September on higher income.
     Its net profit stood at Rs 66.80 crore in the year-ago period.
     Total income more than doubled to Rs 1,346.54 crore in the second quarter of this fiscal from Rs 605.11 crore in the corresponding period of the previous year, according to a regulatory filing.
     Pirojsha Godrej, Executive Chairperson, Godrej Properties Ltd, said the company delivered a robust second quarter with its highest-ever Q2 and H1 bookings, collections, operating cashflows, and deliveries.
     "With bookings growth of 56 per cent in FY23, 84 per cent in FY24 and 90 per cent in H1 FY25, Godrej Properties has reset its scale," he added.
     The benefit of this is visible in the company's cash flows with collections growth of 68 per cent and operating cash flow growth of 125 per cent in the September quarter, Pirojsha said.
     "With a robust launch pipeline, strong balance sheet, and resilient demand, we are on track to significantly surpass our bookings target of Rs 27,000 crore in FY25 while also achieving our highest-ever deliveries and collections," he said.
     Recently, the company reported that its sales booking increased 89 per cent to over Rs 13,800 crore during the April-September period of this fiscal.
     The company has set a target of Rs 27,500 crore worth of sales bookings in the current 2024-25 financial year as against Rs 22,527 crore in the preceding year.
     Pirojsha noted that the sectoral tailwinds for residential real estate in India will continue over the next few years.
     "We remain focused on building scale through continued market share gains and margin expansion," he said.
     Godrej Properties is one of the leading real estate developers in the country.

(This story has not been edited by THE WEEK and is auto-generated from PTI)