Godrej Properties reported a consolidated net profit of Rs 17.01 crore for the first quarter of the financial year 2021-22, it said in the BSE filing. The company had posted a net loss of Rs 19.26 crore in the corresponding quarter previous year.
The company’s total consolidated income rose to Rs 261.99 crore in Q1 FY22, from Rs 195.66 crore in the similar period of the last year.
The Mumbai bench of NCLT on July 29, 2021 approved the merger of Godrej Landmark Redevelopers with Godrej Projects Development (wholly-owned subsidiary of Godrej Properties), however, the company has not received the final order till date, it said in the regulatory filing.
Godrej Properties also informed in the regulatory filing that it is in the process of filing an appeal in the Supreme Court against the recent National Green Tribunal (NGT) order against the company’s and its joint venture company Wonder Projects Development’ project Godrej Reflections situated in Bengaluru.
NGT had quashed the environmental clearance (EC) granted to the project and had directed its immediate demolition. It also imposed a penalty of Rs 31 crore on the project proponent and said the amount shall be used for demolition of the constructions, restoration of the area to the original position, rejuvenation and reforestation of the Kaikondarahalli lake and its surrounding area.