Godrej Properties’ Bookings Up 44% to In April-September 2019-20
Godrej Properties’ sales bookings rose 44 percent to Rs 2,343 crore during the first half of the ongoing financial year on higher volumes despite a slowdown in the housing segment.
The company had sold properties worth Rs 1,627 crore in the year-ago period.
Godrej Properties’ investors presentation said that the value of sales booking in the July-September quarter rose 79 percent over last year to Rs 1,446 crore. For the six months ended September, they were 44 percent up at Rs 2,343 crore.
Out of the total sales bookings, Rs 2,329 crore was housing segment and the remaining Rs 14 crore to commercial space.
In volume terms, sales bookings rose 61 percent to 3.6 million square feet in April-September 2019 from 2.23 million sq. ft. in the corresponding period of the previous year.
Godrej Properties, which is the real estate arm of business conglomerate Godrej group, launched nine new projects in the first half of 2019-20.
Elaborating on sales performance, Godrej Properties said it sold housing properties worth Rs 310 crore in its project Godrej South Estate launched in September in the national capital region.
Similarly, it sold properties worth Rs 253 crore in project Godrej Hillside 1 at Pune.
On financial front, the company’s net debt rose to Rs 1,089 crore as on Sept. 30, 2019 from Rs 932 crore at the end of the June quarter.
Last week, Godrej Properties reported 50 percent increase in consolidated net profit at Rs 31 crore for the quarter ended September, while total income declined 22 percent to Rs 370 crore.
The company’s net profit more than doubled to Rs 120.67 crore in the first six months of 2019-20 from Rs 54.87 crore in the year-ago period, while income fell to Rs 1,108.95 crore from Rs 1,553.8 crore.
“The overall environment in the real estate sector remains challenging. This provides Godrej Properties with tremendous opportunity to drive market share growth in residential real estate. We expect strong momentum in both portfolio project additions and new project launches in H2FY20,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
Established in 1990, Godrej Properties has successfully delivered over 20 million sq. ft. of real estate in the past five years. It has about 175 million sq. ft. of developable area across India.