Godrej Properties records 21.5% jump in Q2 net profit

Mumbai: Real estate major Godrej Properties on Thursday reported a 21.5 per cent rise in second-quarter net profit to Rs 66.8 crore on the back of rising home demand. The company had made a net profit of Rs 54.96 crore in the same quarter last year.

The company’s total income crossed Rs 605 crore during the July-September quarter of the current financial year up from from Rs 369.2 crore in the corresponding period of the previous year, according to a regulatory filing.

The company said that bookings for new homes more than doubled during the quarter to Rs 5,034 crore.

Godrej Properties had recently won the bids for developing two luxury housing projects in Gurugram on the outskirts of Delhi, with a projected revenue of Rs 3,100 crore.

Earlier, arch rival DLF also reported an increase in profit, indicating a revival in the country's real estate sector which had taken a battering during the pandemic.