Net profit of the Godrej Group subsidiary stood at Rs 36 crore in the corresponding quarter last year.
In the second quarter of this fiscal year, Godrej Properties recorded total bookings worth Rs 2,409 crore and total booking volume of 2.71 million square feet.
Net sales increased by 28% and amounted to Rs 165.09 crore in the second quarter. However, net sales amounted to Rs 129.32 crore in the prior year quarter.
The property company’s total revenue rose 13% year-on-year and stood at Rs 327 crore from Rs 290 crore last year in the same quarter.
During the second quarter of last year, it recorded the highest quarterly sales ever with a total booking value of Rs 2,520 crore.
The company has acquired 12 acres of land in Pune to develop an upscale group housing project which has an estimated revenue potential of around Rs 2,000 crore.
It also added 6 new projects with a total salable area of 6.34 million square feet and a total estimated reservation value of Rs 6,025 crore since the start of the year.
“Halfway through the fiscal year, we are confident of meeting our booking value guidance of 10,000 crore for FY23. We are seeing significant momentum in business development and expect to deliver the best year of Godrej for new project additions thanks to strong momentum in the second half,” said Pirojsha Godrej, Executive Chairman of Godrej Properties.
This will in turn ensure that the strong increase in the value of bookings this year will continue in the years to come, he said.