India's Godrej Properties posts Q2 profit rise on robust housing demand

BENGALURU, Nov 2 (Reuters) - Indian real estate developer Godrej Properties (GODR.NS) on Thursday reported a 21.5% rise in second-quarter profit, helped by a rise in demand for housing projects.

Consolidated net profit of the Godrej Group-owned firm rose to 668 million rupees ($8.02 million) from to 549.6 million rupees a year ago.

Revenue from operations more than doubled to 3.43 billion rupees.

Analysts said that real estate companies have been seeing improved demand in urban areas, with income levels improving post the pandemic, despite rising costs and high borrowing rates.

Godrej Properties said that bookings more than doubled during the quarter to 50.34 billion rupees.

The company in July emerged as the highest bidder to develop two luxury projects, with a combined revenue potential of 31 billion rupees, in the satellite city of Gurugram.

Rivals DLF (DLF.NS) and Oberoi Realty (OEBO.NS) also posted a rise in second-quarter profit on improved demand, while Sobha (SOBH.NS) is yet to report.

PEER COMPARISON

* Mean of analysts ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** Ratio of the stocks last close to analysts mean price target; a ratio above 1 means the stock is trading above the PT

JULY-SEPT STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 83.2500 Indian rupees