Mumbai-based real estate firm Godrej Properties on July 31 reported 316 percent surge in consolidated net profit at Rs 520 crore for the quarter ended June 30, 2024. It reported net profit of Rs 125 crore in the year-ago period.
The firm's total income rose 25 percent to Rs 1,638 crore in Q1FY25 as against Rs 1,315 crore in Q1FY24.
At 1234 IST on July 31, the firm's shares were trading nearly 1% higher on the National Stock Exchange Rs 3,211.80 apiece.
The firm's market capitalisation has crossed $10 billion for the first time in Q1FY25.
During the quarter, the company added two new projects with a saleable area of around 3.1 million sq ft, expected to have a booking value of Rs 3,000 crore, Godrej Properties said in its investor presentation. The projects are located in Pune's Hinjawadi, as well as in Bengaluru's Thanisandra suburb.
Godrej Properties added that it is on track to meet all of the key business development and sales guidance by the board. In FY25, the company has aimed for a booking value of Rs 27,000 crore, cash collections of Rs 15,000 crore, deliveries of 15 million sq ft, and business development, by way of estimated booking value, of Rs 15,000 crore.
With a number of projects under execution by the company, its net debt expanded to Rs 7,432 crore at the end of June 30, against Rs 6,198 crore at the end of the March quarter.
Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said: “Godrej Properties delivered another robust quarter registering a multi-fold growth in bookings, operating cashflows, and earnings. The residential real estate sector in India has been strong over the past three years and we believe the sectoral tailwinds will continue over the next few years. The significant levels of business development we have executed in previous years at favourable terms continue to allow us to scale our bookings and in turn our earnings. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to achieve our bookings target of Rs 27,000 crore in FY25 while also achieving our highest ever deliveries and collections performance.”
Sales Highlights
* GPL said it has recorded highest quarterly booking value and volume amongst listed developers in India for the second consecutive quarter.
* Booking value grows by 283 percent to Rs 8,637 crore in Q1FY25. It is GPL’s highest ever quarterly sales for Q1 and its second highest quarterly sales ever.
* Booking volume of 8.99 million sq. ft. of area is the highest ever quarterly volume sold by any listed developer in India, surpassing GPL's previous best of 8.17 million sq. ft. in Q4 FY24, said the firm in a stock exchange filing.
* Godrej Woodscapes, Bengaluru was GPL’s most successful ever launch achieving a booking value of Rs 3,156 crore from 3.40 million sq. ft. of area sold. GPL has achieved over 500% QoQ growth in sales in Bengaluru and has surpassed its full year FY24 sales in South India within the first quarter.
* Godrej Jardinia, Noida was GPL’s most successful launch in Noida achieving a booking value of Rs 2,377 crore from 1.60 million sq. ft. of area sold. GPL said it has achieved booking value of over Rs 4,400 crore in Sector 146, Noida in less than a year.
* GPL said it has now achieved booking value of over Rs 2,000 crore each in 6 projects in the last 4 quarters.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
