Godrej Properties Limited, a leading national real estate developer has announced its financial results for the quarter ended June 30 2010.
Corporate highlights
GPL entered NCR with a residential joint development project in Gurgaon
Signed a development agreement for a 9-acre plot with 1.04 million sq. ft.developable area and 70% (average) revenue share to GPL.
GPL extends its presence to 11 cities across India in line with the company strategy of being a national developer.
Highlights GPL’s ability to execute the joint development model in markets across India.
Excellent response to projects launched in Q1 FY 2011
Godrej Garden City, Ahmedabad
Phase-II area of 0.45 million sq. ft. was launched and completely booked in two days.
Godrej Prakriti, Kolkata
Phase-1 booking area increased to 0.28 million sq. ft. during the quarter taking the total area booked to 55%.
Adi Godrej, Chairman of Godrej Properties Limited, said:“We continue to take substantial strides towards our ambition of becoming a leading national real estate developer. We have recently entered the NCR market with a 1 million square foot
residential project in Gurgaon. Our unique business model and strong brand continues to play a major role in our success.We have registered substantial bookings in our projects in Ahmedabad and Kolkata. The launch of the second phase of our township project “Godrej Garden City” in Ahmedabad received an excellent response and was totally booked within days of the launch. We are committed to maximizing returns through strategic capital investments in multiple projects and thereby providing superior value to all our stakeholders on a long term basis”
Financial Overview (Consolidated) Q1 FY2011 performance overview (Compared toQ1 FY2010)
Total income was Rs734.6 mn as compared to Rs188.5 mn.
EBIDTA was Rs. 335.8 mn as compared to Rs71.3 mn.
Net profit grew to Rs. 224.4 mn from Rs29.8 mn.Company Outlook:
Focus on competitive advantage and execution
GPL continues to strengthen its competitive advantage in executing the joint development model in existing and new markets.
GPL remains focused on the timely execution of its current projects.
Project Launches
GPL is scheduled to launch projects in Bangalore and Mangalore in Q2 FY11 and
projects in NCR, Kochi and Chennai by the end of the year.
Commitment to sustainable development
GPL has received LEED GOLD certification for Godrej Waterside in Kolkata,consistent with it’s commitment to sustainable development