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Godrej Properties Sales Bookings Fall 69% In April-September

Godrej Properties Sales Bookings Fall 69% In April-September

New Delhi: Godrej Properties’ sales bookings fell 69 per cent to Rs 987 crore during the first six months of this fiscal year mainly due to a big-ticket commercial deal in the year-ago period.

The sales bookings stood at Rs 3,208 crore in the first half of fiscal year 2015-16, according to an analyst presentation by the company.

Godrej Properties, the real estate arm of the Godrej group, had sold office space in its commercial project Godrej BKC, Mumbai, for Rs 1,479 crore in the second quarter of last financial year.

According to presentation, the sales booking in terms of volume fell by 48 per cent to 13.29 lakh square feet during the April-September period, compared with 25.77 lakh square feet in the corresponding period of the previous year.

During the second quarter of this fiscal year, the company’s sales bookings fell 69 per cent year-on-year to Rs 600 crore.

However, the company said that it achieved “26 per cent year-on-year growth in booking value in second quarter of FY17 excluding Rs 1,479 crore single buyer sale at Godrej BKC in second quarter of FY16”.

The company’s net debt fell marginally to Rs 3,006 crore at the end of the September quarter, as against Rs 3,072 crore as of June 30, 2016.

Godrej Properties earlier this week reported a 77 per cent fall in consolidated net profit at Rs 23.48 crore for the quarter ended September, as against Rs 103.91 crore for the corresponding period a year ago.

Income from operations also fell to Rs 329.55 crore in the July-September quarter this fiscal year, from Rs 1,314.55 crore a year ago.

Godrej Properties is developing residential, commercial and township projects spread across approximately 129 million square feet in 12 cities.