Godrej Properties' Q2 earnings rises to Rs 66.80 crore, a 22% increase
According to a regulatory filing, the company's total revenue climbed from Rs 369.20 crore in the equivalent period of the previous year to Rs 605.11 crore during the July-September quarter of the 2023–24 financial year.
On November 2, listed real estate developer Godrej Properties said that its consolidated net profit for the second quarter of the fiscal year increased by 22% to Rs 66.80 crore.
Its net profit for the previous year was Rs 54.96 crore.
According to a regulatory filing, the company's total revenue climbed from Rs 369.20 crore in the equivalent period of the previous year to Rs 605.11 crore during the July-September quarter of the 2023–24 financial year.
In Q2 FY24, the company's revenues increased by 23% to Rs 2,378 crore, resulting in Rs 811 crore in net operational cash flow. In Q2 of FY24, it supplied around 1.55 million square feet across two markets.
Over the last two years, the Indian residential real estate market has shown to be very robust and durable, and we anticipate that this trend will continue in the next years. The substantial business development we have carried out over the last few years gives us the chance to take full advantage of the market's growth prospects, and launching these projects in the next quarters is our first priority, according to Godrej Properties Limited Executive Chairperson Pirojsha Godrej.
"We are thrilled with the reaction to our project, Godrej Tropical Isle in Noida, which garnered bookings of more than Rs 2,000 crores within the quarter, making it GPL's most successful ever launch. We experienced high demand for our new launches this quarter. We anticipate exceeding our FY24 bookings goal of Rs 14,000 crore and achieving our highest-ever cash collections and project deliveries.
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