Godrej Properties profit rises 6% to Rs 62 crore in December quarter

Godrej Properties, a leading player in the real estate sector, has reported a 6 per cent rise in profit for the third quarter, fuelled by robust demand for residential properties.

In its latest financial results released on Tuesday, the Godrej Group subsidiary disclosed a consolidated net profit of Rs 62.27 crore for the quarter ending December 31, marking an uptick from Rs 58.74 crore recorded in the same period last year.

The company’s revenue from operations surged, more than doubling to Rs 330 crore, while bookings witnessed a proportional increase to reach Rs 5,720 crore.

The surge in profits was attributed to the flourishing demand for residential homes, particularly in key markets like Delhi-NCR. This heightened demand is driven by affluent Indians investing in premium housing options.

Godrej Properties focuses predominantly on residential apartments, constituting its primary revenue stream, along with premium houses and commercial spaces. Notably, Delhi-NCR stands out as its top sales contributor.

In comparison, competitors like DLF, operating primarily in the Delhi-NCR region, have also reported substantial gains in third-quarter profits. However, Oberoi Realty’s profits experienced a notable decline, impacted by sluggish sales in Mumbai.

Overall, Godrej Properties’ latest financial results underscore the resilience and adaptability of the real estate sector amid evolving market dynamics and shifting consumer preferences.