Godrej Properties (GPL) has reported 154 per cent growth in its net consolidated profit during the quarter ended June 30, 2022. Its profit after tax (PAT) stood at Rs 43.30 crore in Q1 FY23 as against Rs 17.03 crore it registered in the corresponding quarter in the previous fiscal, the company said in a BSE filing.
The company’s net consolidated income stood at Rs 426.40 crore in Q1 FY23, a growth of 62.75 per cent from Rs 261.99 crore it recorded in the similar quarter last year.
Godrej Properties also announced its CEO succession plan. Gaurav Pandey will take over from Mohit Malhotra as managing director and chief executive officer of the company effective January 1, 2023. Pandey is currently the chief executive officer of the North Zone of GPL.
Pirojsha Godrej, executive chairman of the company said, “Having delivered our highest ever Q1 bookings of Rs 2,520 crore, we are on track to meet our FY23 objective of achieving Rs 10,000 crore booking value. The sector is likely to continue to strengthen in the quarters ahead and we will be focused on significant market share gains through new project acquisitions and launches.”
During the quarter ended June 30, 2022, the holding company has granted 29,771 new stock to eligible employees under the Employee Stock Grant Scheme (ESGS). Further, during the quarter ended June 30, 2022, the holding company has allotted 12,281 equity shares upon exercise of stock grants under the Employee Stock Grant Scheme.
The company said that Q1 FY23 witnessed total booking value of Rs 2,520 crore and total booking volume of 2.83 million sq. ft. as compared to total booking value of Rs 497 crore and total booking volume of 0.77 million sq. ft. in Q1 FY22.
It added a new project in Nagpur spread across 58 acres with saleable area of about 1.5 million sq. ft during the said quarter. The estimated revenue potential from the project is approximately Rs 575 crore.