GPL - Total Booking Value for Q1 Increased 71%
Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the first quarter ended June 30, 2020. Q1 FY21 witnessed total booking value of INR 1,531 crore and total booking volume of 2.51 million sq. ft. as compared to total booking value of INR 897 crore and total booking volume
Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the first quarter ended June 30, 2020. Q1 FY21 witnessed total booking value of INR 1,531 crore and total booking volume of 2.51 million sq. ft. as compared to total booking value of INR 897 crore and total booking volume of 1.35 million sq. ft. in Q1 FY20. Construction activity has resumed on almost all the sites post the lockdown and the labor strength at the end of July was at approximately 60% of pre-Covid levels. “With the lockdown in place for most of the quarter, construction activities during the period were extremely limited leading to almost no revenue recognition and to poor operating cash flows. While we expect poor reported earnings and cash flows this financial year due to the lockdown we expect strong momentum in both portfolio project additions and new project launches during the rest of the financial year,” stated Pirojsha Godrej, Executive Chairman, Godrej Properties Limited.
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