Godrej is targeting sales of flats worth INR 10,000 | Jobs Recent

BENGALURU : Godrej Properties Ltd (GPL) on Tuesday reported a net profit of Rs 259 crore for the quarter ended March, compared to a loss of Rs 192 crore in the same period last year.

Total revenue increased to 1522.57 crores in the quarter of March, from 576.08 crore in the year-ago quarter, according to a regulatory filing.

The Mumbai-based realty firm also said its sales bookings rose 17% year-on-year on 7861 crores in 2021-22, of which 7,781 crore came from its housing projects. Last year, it sold 9,121 homes totaling 10.8 million square feet. The period January-March was the best quarter for sales with 3248 kroner book value.

“We want to greatly increase our top performance and we want to make approx 10,000 crore in sales provisions in 2022-23. As far as business development is concerned, this year we want to increase the number of projects we acquire in the company,” Pirojsha Godrej, executive chairman of Godrej Properties, said in an interview.

The recovery in the housing market may have helped large developers like GPL, but many mid-sized and smaller developers still face liquidity and operational challenges.

Godrej said that there are plenty of buying opportunities in the current market scenario and the pipeline of new deals looks strong.

The developer, which usually focuses on the Mumbai Metropolitan Region (MMR), Pune, Bengaluru and the National Capital Region (NCR) Delhi as its core markets, is also exploring planned projects outside these regions. It is developing a planned project in Nagpur and is ready to do more in smaller cities.

“Although group apartments continue to be the main part of our business, we hope to continue with planned sales, as they are economically profitable and have shorter deadlines for implementation,” he added.

In 2022-23, GPL aims to launch 11 projects in cities spanning 10.30 million sq.ft.

In FY22, the company added six new residential projects with 9.33 million sq ft of salable area.

“The real estate sector picked up during FY22 and we expect strong growth in this sector over the next few years. We are pleased to end the financial year with our best annual sales, cash receipts and profits ever. With a strong launch, strong balance sheet and sector headwinds, we look forward to building on this momentum in FY23,” said Godrej.

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