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Home >Companies >Company Results >Godrej Properties Q3 profit dips 69% to 14.35crore; sales bookings up 25%

NEW DELHI : Realty firm Godrej Properties on Thursday reported a 69 per cent decline in its consolidated net profit at 14.35 crore for the quarter ended December on lower income.

Its net profit stood at 46.6 crore in the year-ago period.

Total income in the third quarter of this fiscal fell to 311.12 crore from 517.47 crore in the corresponding period of the previous year, according to a regulatory filing.

The company's sales bookings rose 25 per cent to 1,488 crore in the third quarter of this fiscal from 1,189 crore in the year-ago period. It has delivered around 1.3 million square feet in Q3 of FY21.

"The real estate sector has recovered from the initial impact of the pandemic. Government action to reduce stamp duties and premiums in Maharashtra combined with a higher intent towards home ownership as a result of the pandemic have helped drive a turnaround in sentiment towards residential real estate," said Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd.

The construction levels and cash flows have normalised in the third quarter, he said.

"With a large number of new project launches planned for the fourth quarter, we expect to end the year on a strong note and enter the new financial year with strong momentum," Godrej said.

During April-December of FY21, Godrej Properties clocked a net profit of 2.19 crore, registering a sharp drop from 168.13 crore in the year-ago period.

Total income, too, fell to 757.01 crore during the first nine months of this fiscal, from 1,626.42 crore in the corresponding period of the preceding fiscal.

Mumbai-based Godrej Properties is the real estate arm of the Godrej group. It has projects in major cities such as Mumbai, Bengaluru, Delhi-NCR and Pune.

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