Godrej Properties Q1 profit nearly triples to Rs 46 cr; bookings up 5 times

Gaurav Pandey will become the new MD and CEO of the Mumbai-based developer from January 1 next year

Godrej Properties on Tuesday said its June quarter consolidated net profit nearly tripled to Rs 45.55 crore while sales bookings jumped five times to Rs 2,520 crore.

The Mumbai-based developer announced that company's Managing Director (MD) and Chief Executive Officer (CEO) Mohit Malhotra has resigned with effect from December 31 this year. Gaurav Pandey will become the new MD and CEO from January 1 next year.

The company's net profit stood at Rs 17.03 crore in the year-ago period.

Total income rose to Rs 426.40 crore in April-June 2022-23 from Rs 261.99 crore in the year-ago period, according to a regulatory filing.

On the operational front, Godrej Properties said its total sales bookings jumped five folds to Rs 2,520 crore in the first quarter of this fiscal year from Rs 497 crore in the year-ago period.

"Having delivered our highest ever Q1 bookings of Rs 2,520 crore, we are on track to meet our FY 23 objective of achieving Rs 10,000 crore booking value. Despite elevated inflation and recent interest rate hikes, the real estate sector has been exceptionally resilient," said Pirojsha Godrej, Executive Chairman, Godrej Properties Ltd.

He expects the sector to continue to strengthen in the coming quarters.

"...we will be focused on significant market share gains through new project acquisitions and launches. We have a robust launch pipeline for rest of the year which will help us build on the current momentum," Pirojsha said.

Godrej Properties also informed that its MD and CEO Mohit Malhotra has resigned from the company, and Gaurav Pandey will succeed him with effect from January 1 next year.

Mohit Malhotra has resigned as MD and CEO to pursue opportunities outside Godrej Properties with effect from the close of business hours on December 31, 2022, the filing said.

Pandey, who is serving as Chief Executive Officer- North Zone, has been appointed as MD and CEO with effect from January 1, 2023.

The announcements were made during the company's board meeting on Tuesday.

Godrej Properties is one of the leading real estate developers in the country. The company, which is part of the business conglomerate Godrej group, has a major presence in Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune property markets.