Godrej Properties’ (GPL) has appointed Gaurav Pandey as managing director and chief executive officer to replace Mohit Malhotra, who has resigned to pursue other opportunities.
Pandey, who has more than 17 years of experience in the real estate sector, will take over from January 1, 2023. He is currently CEO of GPL’s fastest-growing and most profitable north zone, the company said in a statement.
During the five years of his leadership, the north zone grew by six times in booking value and four times in collections, while imputed return on capital employed rose to 27%. In FY22, the net profit of the zone was the largest contributor to GPL’s profit and loss statement, the company said.
GPL executive chairman Pirojsha Godrej said, “The strong value creation he has delivered as CEO of our business in the north zone, combined with his demonstrated passion and leadership, makes him a great fit for this role. We believe the opportunities in the Indian real estate sector are immense and that GPL is well placed to further strengthen its position in the industry. I look forward to Gaurav’s leadership in scripting this next phase of growth.”
Prior to joining Godrej, Pandey was CEO of Burman GSC, the joint real estate platform of the Burman family and Golden State Capital. He was also senior vice president and head, research & consulting, for real estate research firm PropEquity, and had advised private equity funds, mutual funds and foreign institutional investors, among others, on real estate investments in India. He was also a part of Ascendas India’s management committee.
GPL said Malhotra resigned to pursue opportunities outside the company.
“I want to thank Malhotra for the integral role he has played in crafting the transformation of GPL over the past 12 years. I am grateful for his partnership and leadership and wish him much success for the future,” Godrej said.
Net profit nearly triples in Q1
The Mumbai-based company’s June quarter consolidated net profit nearly tripled to Rs 45.55 crore as its sales bookings jumped five times to Rs 2,520 crore. GPL had posted net profit of Rs 17.03 crore for the year-ago period. During the quarter under review, GPL’s revenue from operations rose to Rs 244.67 crore from Rs 86.16 crore recorded during the year-ago period.
“Having delivered our highest ever first quarter bookings of Rs 2,520 crore, we are on track to meet our FY23 objective of achieving Rs 10,000 crore booking value. Despite elevated inflation and recent interest rate hikes, the real estate sector has been exceptionally resilient. The sector is likely to continue to strengthen in the quarters ahead and we will be focused on significant market share gains through new project acquisitions and launches,” Godrej said.