Godrej Properties H1 sales booking falls 69 per cent to Rs 987 crore

New Delhi: Godrej Properties' sales bookings fell by 69 per cent to Rs 987 crore during the first six months of this fiscal 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 2015-16 fiscal, according to a company's analyst presentation. 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 sq ft during April-September period from 25.77 lakh sq ft in the corresponding period of the previous year.

During the second quarter of this fiscal, the company's sales bookings fell by 69 per cent to Rs 600 crore from the year-ago period. 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 September quarter from Rs 3,072 crore as on June 30, 2016. Godrej Properties last week reported 77 per cent fall in consolidated net profit at Rs 23.48 crore for the quarter ended September from Rs 103.91 crore in the year-ago period.

Income from operations also fell to Rs 329.55 crore in the July-September quarter this fiscal, from Rs 1,314.55 crore a year ago. Godrej Properties is developing residential, commercial and township projects spread across approximately 129 million sq ft in 12 cities.