Godrej Properties Q4FY24 results: Profits up 14 percent, but revenues down 15 percent

Godrej Properties in FY24 added 10 new housing projects with an estimated revenue potential of Rs 21,225 crore

Announcing its Q4FY24 results on May 3, 2024, Godrej Properties Limited (GPL)  reported a 14 percent increase in its profit after tax (PAT), at Rs 471 crore, up from Rs 412 crore in Q4FY23.

However, the company's revenue from operations fell  15 percent to Rs 1,426 crore, from Rs 1,646 crore, and adjusted EBITDA fell 2 percent to Rs 717 crore, compared to 729 crore in the same period in the year prior.

The company's  revenue from operations for all of FY24 increased to Rs 3,035 crore, from Rs 2,252 crore in FY23 , while its adjusted EBITDA rose to Rs 1,379 crore, from Rs 1,118 crore.

The company added 10 new housing projects in FY24, with a revenue potential of Rs 21,225 crore, 42 percent more than its guidance of an estimated booking value of Rs 15,000 crore. Other than that, the company reported bookings of Rs 22,527 crore in FY24,  and has given a  guidance of bookings worth Rs 27,000 crore in FY25.

Also read: Most Godrej group stocks surge 2-8% after conglomerate's split

Related stories

Moneycontrol News

Moneycontrol News|Moneycontrol News

• 
  Urban Infra can attract Rs 10 lakh crore investment in coming years: Housing Secretary
• 
  Bengaluru gets a new housing market in Gunjur, prices up 146% in four years
• 
  Landmark Group launches luxury residential project on Dwarka Expressway with revenue potential of Rs...

According to the investor's presentation, four GPL projects saw bookings worth more than Rs 2,000 crore, and at Rs 10,016 crore, the National Capital Region (NCR) was the largest contributor to its coffers in FY24, followed by the Mumbai Metropolitan Region (MMR), at Rs 6,545 crore.

Also read: Construction defect: Over 100 flat owners accept buyback offer from Godrej Properties in Gurugram project

“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 allowed us to scale our bookings by 84 percent to Rs 22,527 crore in FY24, and in FY25, we hope to grow residential bookings to over Rs 27,000 crore," said Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited.