Godrej Properties Marks 15% Profit Surge but Faces Sales Booking Dip

Godrej Properties Ltd has announced a 15% rise in its consolidated net profit, reaching Rs 598.40 crore in the first quarter of this fiscal. This increase comes despite an 18% fall in sales bookings to Rs 7,082 crore, attributed to a high base effect from the previous year's period.

Total income for the April-June period fell to Rs 1,620.34 crore from Rs 1,699.48 crore the previous year, according to the company's recent regulatory filing. Additionally, pre-sales declined 18% to Rs 7,082 crore, down from Rs 8,637 crore last year.

Pirojsha Godrej, Executive Chairperson, emphasized the firm's strong performance in sales bookings, cash flows, and earnings, pointing to robust demand in India's residential real estate. The company has set a target to boost pre-sales by 10% in the current fiscal year, leveraging a future booking value of over Rs 90,000 crore.

(With inputs from agencies.)