Godrej Properties reports 50 pct jump in Q2 net profit at Rs 31 crore

Last Updated: Tue, Nov 05, 2019 14:27 hrs
Real Estate (AP photo)

Mumbai (Maharashtra): Realty major Godrej Properties on Tuesday announced that its net profit has increased by 50 per cent to Rs 31 crore in the second fiscal quarter (July to September) despite a challenging business environment.

The company witnessed a total booking value of Rs 1,446 crore and total booking volume of 2.26 million square feet in Q2 FY20 as compared to total booking value of Rs 807 crore and total booking volume of 1.07 million square feet in Q2 FY19.

While earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 96 per cent to Rs 135 crore, total income decreased by 22 per cent to Rs 370 crore.

In the first half of current fiscal, the company has witnessed a total booking value of Rs 2,343 crore and total booking volume of 3.61 million square feet as compared to total booking value of Rs 1,627 crore and total booking volume of 2.24 million square feet in H1 FY19.

Earnings per share for Q2 FY20 work out to Rs 1.22 as compared to Rs 0.90 in the corresponding period of previous fiscal.

"The overall environment in the real estate sector remains challenging," said Executive Chairman Pirojsha Godrej.

"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 H2 FY20."

In May, the company purchased RK Films & Studios in Mumbai, the iconic and sprawling location at Chembur which used to be film studio of yesteryear actor and filmmaker late Raj Kapoor.

The company plans to develop a mixed-use project at the site. Spread across 2.2 acres, this project will offer 33,000 square metres (0.35 million square feet) of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience.