Godrej Properties Grew 22% in Profit by Launching 'TROPICAL ISLE' in Noida

Pioneer Real estate player Godrej Properties reported that, they have witnessed an increase of 22 percent in its consolidated net profit to Rs. 66.80 crore in the Q2 of the fiscal year. They also mentioned that, an over two-fold increase in sales bookings that stood at Rs. 5034 crore during the quarter.

Report says that, net profit stood at Rs. 54.96 crore in the year-ago period. The company's total income has gone up to Rs. 605.11 crore during the July-September period of 2023-24 from Rs. 369.20 crore in the corresponding period of the previous year. The total collection has grown to 23 percent to Rs. 2,378 crore in Q2 FY24 leads to a total cash-flow of Rs. 811 crore in Q2 FY24. It delivered around 1.55 million sq. ft. across two markets in Q2 FY24.

Market reports are saying that, their sales bookings jumped over two-fold to Rs. 5,034 crore in the second quarter of this fiscal over Rs. 2,409 crore in the year-ago period on higher volumes. Godrej Properties has admitted that, it is their "highest-ever quarterly sales-booking value". The company has earned Rs. 2,016 crore in sales bookings from a single project, which is ‘Godrej Tropical Isle’ located in Noida.

Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, has quoted, “The residential real estate sector in India has been very strong and resilient over the past two years and we believe the real estate cycle will continue to strengthen over the next few years. The significant levels of business development we have executed over the past several years provided us the opportunity to maximize the growth opportunities available in the market and our topmost priority is bringing these projects to market in the upcoming quarters.”

He also exclaimed in delight that they are very much excited regarding their new launches and they are truly overwhelmed to see the reactions of their newly launched Godrej ‘Tropical Isle’ in Noida, which received bookings of more than Rs. 2,000 crores within the quarter making it GPL’s most successful ever launch. They are on the verge of exceeding their bookings target of Rs. 14,000 crore in FY24. They are so confident about their upcoming project that it quite evident through their expression.