Mumbai-based real estate firm Godrej Properties on May 3 reported consolidated profit at Rs 260.5 crore for the quarter ended March 2022, as against a loss of Rs 192 crore in the corresponding period last fiscal, driven by healthy topline growth and operating incomes.
Revenue from operations for the quarter at Rs 1,331 crore was up 208 percent over the year-ago period, said the company in its BSE filing.
Godrej Properties had a best-ever quarter for sales with the booking value rising 23 percent on-year to Rs 3,248 crore in Q4FY22, while the booking value increased by 17 percent to Rs 7,861 crore in FY22, though the growth in area sold was moderate.
The company sold 4.2 million square feet of area during the March quarter, registering a 1 percent growth over 4.17 million square feet sold in the same period last year, while in the full year, it sold 10.8 million square feet of area, which was flat compared to the previous year.
At the operating level, its earnings before interest, tax, depreciation, and amortisation (EBITDA) came in at Rs 257.9 crore for the March quarter, as against a loss of Rs 154.2 crore a year back.
Godrej Properties clocked a consolidated profit at Rs 352.37 crore for the financial year 2021-22 as against a loss of Rs 189.3 crore. Revenue during the same period grew significantly by 139 percent to Rs 1,825 crore."The real estate sector has strengthened during FY22 and we expect strong growth for the sector over the next few years. We are pleased to close the financial year with our best-ever annual sales, cash collections, and earnings. With a robust launch pipeline, strong balance sheet and sectoral tailwinds, we look forward to building on this momentum in FY23," Pirojsha Godrej, Executive Chairman at Godrej Properties, said.