Godrej Properties Sees Marginal Profit Increase in Q2 Amidst Higher Tax Outlays
New Delhi: Godrej Properties witnessed a modest five percent uptick in net profit, reaching ₹34.25 crore in the second quarter of the fiscal year. This marginal increase is primarily attributed to elevated tax expenditures. In the corresponding period of the previous year, the real estate arm of the Godrej Group had recorded a net profit of ₹32.52 crore.
Revenue Growth Remains Robust
Despite the impact of higher taxes, the company's total revenue from operations experienced a significant surge. It climbed by 33 percent to ₹306.49 crore during the July-September quarter, compared to ₹232.74 crore in the same timeframe last year.
Pan-India Project Portfolio
Godrej Properties maintains an extensive footprint across the Indian real estate landscape. The company is presently engaged in developing a diverse portfolio of projects, encompassing residential, commercial, and township developments across the country. As one of the largest players in the sector, they boast an impressive development pipeline, encompassing approximately 90 million square feet, spread strategically across 14 cities in India.
Capital Raising Initiatives
The Group recently bolstered its financial position through a rights issue, successfully raising ₹75 crore. This marks the third instance of Godrej Properties seeking funds from the capital markets.
Past Funding Activities
Further demonstrating the company's proactive approach to capital management, Godrej Properties successfully launched its Initial Public Offering (IPO) in December 2009. They followed this up with a successful Institutional Placement Program in 2012. This sustained engagement with capital markets underscores Godrej Properties' commitment to securing the resources required for its ambitious growth trajectory.