HomeBusiness NewsCompanies NewsGodrej Properties achieve sales of Rs 1,200 crore from two project launches in Mumbai

Godrej Properties achieve sales of Rs 1,200 crore from two project launches in Mumbai

The company has recorded the sale of over 700 homes with an area over 8 lakh sq ft for both projects launched in Q1 FY 23, the company said in an exchange filing.

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By Asmita Pant  September 16, 2022, 9:25:55 AM IST (Published)

2 Min Read
Godrej Properties achieve sales of Rs 1,200 crore from two project launches in Mumbai
Real estate developers Godrej Properties on Friday, September 16, said it has achieved sales of over Rs 1,200 crore from two project launches in Mumbai — Godrej Ascend in Thane and Godrej Horizon in Dadar-Wadala.


The company has recorded the sale of over 700 homes with an area over 8 lakh sq ft for both projects launched in Q1 FY 23, the company said in an exchange filing.

"Mumbai has always been a key market for us and the customer’s confidence is a reflection of the increasing demand for sustainable and integrated developments by reputed developers," said Mohit Malhotra, MD and CEO, Godrej Properties.

Godrej Properties launched two residential projects simultaneous in May 2022. Godrej Ascend, located at Kolshet Road, Thane and Godrej Horizon, located at R.A. Kidwai Road near Five Gardens, Dadar-Wadala, together recorded a sale of over 700 homes.

The Mumbai-based real estate company had reported a consolidated net profit of Rs 46 crore for the April-June quarter against Rs 17 crore in corresponding period in the previous fiscal.

The company's revenue from operations stood at Rs 244.67 crore during the quarter and revenue of Rs 86.16 crore. Even as the real estate company witnessed a steep rise in raw material cost to Rs 971.22 crore in the quarter under review from Rs 159.51 crore a year ago, it achieved its highest first-quarter sales during the June quarter. Its total booking value grew 407 percent on year to Rs 2,520 crore.

The total income grew 61 percent year-on-year to Rs 375 crore in the first quarter of FY23, while EBITDA (earnings before interest tax depreciation and amortisation) grew by 41 percent year-on-year to Rs 116 crore.

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