Total Income stood at Rs 306 crore, up 29 per cent sequentially and down 38 per cent from a year ago.
The company has recorded 25 per cent on-year growth in its total booking valued at Rs 1,488 crore during the quarter.
Separately, the company’s board has approved raising up to Rs 3,750 crore equity or debt capital through public or private issue in one or more tranches.
“The real estate sector has recovered from the initial impact of the pandemic. Government action to reduce stamp duties and premiums in Maharashtra combined with a higher intent towards home ownership as a result of the pandemic have helped drive a turnaround in sentiment towards residential real estate. We are pleased to see construction levels and cash flows at GPL normalize in the third quarter,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
With a large number of new project launches planned for the fourth quarter, the company expects to end the year on a strong note and enter the new financial year with strong momentum.
During the quarter, the company added two new projects, through outright purchase, in Bengaluru with a saleable area of around 4.1 million sq ft. It has delivered nearly 1.3 million sq ft across two cities in the December quarter.
Apart from its independent developments, Godrej Properties has already been using asset light and capital efficient joint developments and alliances to support its growth and market share. The company has added 35 projects with nearly 78 million sq ft saleable area to its portfolio since 2017-18.
