Godrej Properties shares were down around 2 percent in the afternoon on August 2 after the company reported a sequential decline in revenue as well as profit in the June quarter of the current financial year.
At 1 pm, the stock traded was trading at Rs 1,659.80 on BSE, down 2 percent from the previous close.
The company’s quarter-on-quarter net profit was down 70 percent at Rs 125 crore, while revenue declined 32 percent to Rs 1,315 crore. Year on year, the numbers were impressive, with profit rising 174 percent and revenue 251 percent.
Total bookings were at Rs 2,254 crore with 2.25 million sq ft sold during the quarter, down 11 percent YoY. Sustenance sales grew by 19 percent YoY to Rs 1,816 crore, as three new projects/phases were launched during the April-June period.
The company added four new projects with a total estimated saleable area of 3.7 million sq ft and estimated booking value of Rs 6,450 crore.
“While it was a muted start to the year from a bookings perspective, Godrej Properties saw strong traction in deliveries, business development, cash collections, and earnings in Q1FY24,” said Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited.
“With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to achieve our bookings target of Rs 14,000 crore in FY24 while also achieving our highest ever deliveries and collections performance.”
Godrej said its collections grew by 26 percent to Rs 1,954 crore in Q1 FY24, leading to net operating cash flow growth of 436 percent to Rs 118 crore in Q1 FY24. It also delivered 4.9 million sq ft across four markets in Q1 FY24.
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