Godrej Properties posts 58% jump in Q4 net profit at Rs 412 crore

Total income rose to Rs 1,838.82 crore in the fourth quarter

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Godrej Properties, the real-estate arm of Godrej Industries, on May 3 declared the financial results for the fourth quarter of fiscal year 2022-23, with the company's net profit during the period rising by 58 percent on-year to Rs 412 crore.

In comparison, the net profit had stood at Rs 260.47 crore in the corresponding period of the previous fiscal year.

Total income rose to Rs 1,838.82 crore in Q4 FY23 from Rs 1,522.57 crore a year ago, according to a regulatory filing.

In the entire last fiscal, net profit increased to Rs 571.39 crore from Rs 352.37 crore in 2021-22. Total income also grew to Rs 3,039 crore from Rs 2,585.69 crore.

The board of directors has approved raising of funds, by issuance of Non-Convertible Debentures (NCDs), bonds and/or other debt securities on a private placement basis, in one or more tranches, "for an amount not exceeding Rs 2,000 crore".

Pirojsha Godrej, Executive Chairperson of Godrej Properties, said, "Residential real estate demand in India has been strong throughout FY23 and leading developers have benefited from both sectoral growth as well as market share gains." Godrej Properties delivered a well-rounded performance in FY23 registering its best-ever business development, bookings, cash collections, earnings, and deliveries, he added.

"With a robust launch pipeline, strong balance sheet, and sectoral tailwinds, we are confident of building on this momentum in FY24," said Pirojsha.

Recently, Godrej Properties reported a 56 per cent rise in sales booking for the last fiscal to an all-time high of Rs 12,232 crore on strong demand for residential properties. Its sale bookings stood at Rs 7,861 crore in 2021-22.

Cash collections in FY23 grew 41 per cent to Rs 8,991 crore.

Godrej Properties also reported its highest-ever quarterly and annual project deliveries. "Delivered projects aggregating over 10 million square feet across 5 cities in FY23, including 7.6 million square feet in Q4," it had said.

With PTI inputs