Godrej Properties Q3 results: Net profit surges 163% to Rs 163 crore, shares up nearly 4%

Godrej Properties Q3 results: Net profit surges 163% to Rs 163 crore, shares up 3%

Mumbai-based Godrej Properties on February 4 reported 163 percent increase in consolidated net profit at Rs 163 crore for the quarter ended December 31, 2024. It reported a net profit of Rs 62 crore in the year-ago period.

The real estate firm's consolidated revenue from operations rose 194 percent to Rs 969 crore in Q3FY25 as against Rs 330 crore in Q3FY24. The company delivered 2.6 million square feet worth of projects in two cities during the quarter, with collections growing by 27 percent on-year to Rs 3,069 crore.

For the quarter, the company reported a booking value of Rs 5,446 crore, representing a 5 percent decline year-on-year, even as it grew by a similar 5 percent over the July-September quarter. Godrej Properties said in an investor presentation that the company has reached 71 percent of its booking value guidance for FY25, with the company having guided a booking value target of Rs 27,000 crore for the financial year.

As for business development, the company has crossed its FY25 target of Rs 20,000 crore, the presentation added, with total business development in the April-December period being at Rs 23,450 crore. For Q3, Godrej Properties added four new projects with a saleable area of 5.9 million square feet, carrying an expected booking value of Rs 10,800 crore.

"The third quarter of the financial year 2025 was the 6th consecutive quarter of more than INR 5,000 crore worth of bookings underlying the sectoral tailwinds for the residential real estate sector in India. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to surpass our bookings guidance of Rs 27,000 crore in FY25 while also achieving our highest ever cash collections, deliveries, earnings and operating cash flow," said Pirojsha Godrej, executive chairperson of Godrej Properties.

During the quarter, the company raised Rs 6,000 crore in equity through a qualified institutional placement (QIP), which the company referred to as the largest ever by a real estate firm. At the same time, the firm continued to de-leverage its balance sheet, with the net debt at the end of December 31, 2024 being at Rs 3,848 crore, significantly lower than the Rs 7,572 crore at the end of the September quarter.

At 2:07 pm, Godrej Properties shares were trading nearly 4 percent higher at Rs 2,409 apiece on the National Stock Exchange.