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Large builders like Godrej Properties Ltd said many local builders are looking to sell their entire project or seeking partnerships for  new ones. Photo: Aniruddha Chowdhury/Mint
Large builders like Godrej Properties Ltd said many local builders are looking to sell their entire project or seeking partnerships for new ones. Photo: Aniruddha Chowdhury/Mint

Godrej Properties Q2 net profit drops 78% at 7.1 crore

Total income for the second quarter of this fiscal also fell to 250.23 crore from 395.11 crore in the corresponding period of the previous year

Realty firm Godrej Properties Ltd on Tuesday reported a 78% fall in its consolidated net profit at 7.10 crore for the quarter ended September on lower income due to the COVID-19 pandemic.

Its net profit stood at 31.57 crore in the year-ago period.

Total income for the second quarter of this fiscal also fell to 250.23 crore from 395.11 crore in the corresponding period of the previous year, according to a regulatory filing.

Godrej Properties is the real estate arm of the business conglomerate Godrej Group.

The company's sales bookings stood at 1,074 crore for the September quarter as compared to 1,446 crore in the corresponding period of the previous year, the Mumbai-based developer said in a statement.

Godrej Properties Executive Chairman Pirojsha Godrej said: "The real estate sector continues to be impacted by the pandemic but we believe this provides Godrej Properties with a tremendous opportunity to drive market share growth in residential real estate."

He said the company's planned launches in the second quarter were postponed due to delays in regulatory approval.

"With a robust launch pipeline in the second half of the financial year, we expect strong sales momentum during this period," Godrej said.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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