Godrej Properties’ Net Profit Grows By 6% To Rs 62 Cr

Sales Bookings grew by 76%YoY to INR 5,720 crore in Q3FY24 and 59%YoY to INR 13,008 crore in 9M FY24. Booking value in 9M FY24 was 106% of booking value for the entire FY23, which was GPL' s previous best ever year

Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited

FinTech BizNews Service   

Mumbai, February 6, 2024: Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the third quarter ended December 31, 2023.

CORPORATE HIGHLIGHTS:

Sales Highlights

• Q3 FY24 was GPL’s highest ever quarterly sales for second quarter in a row witnessing total booking value of INR 5,720 crore with 4.34 million sq. ft. of area sold
•  Booking value in 9M FY24 was 106% of booking value for the entire FY23, which was GPL’ s previous best ever year
• Godrej Aristocrat, Gurugram was GPL’s most successful ever launch achieving a booking value of INR 2,667 crores
• Godrej Ananda, Bengaluru achieved a booking value of INR 574 crores
• Godrej Avenue 11, MMR, launched in September 2023, has achieved a booking value of INR 687 crores within 4 months of launch
• 8 new projects/phases were launched during the quarter across 5 cities

Business Development

• Added 1 group housing project in Bengaluru with estimated booking value of INR 1,250 crores, taking the 9M FY 24 count to 6 additions with an estimated booking value of INR 8,425 crores

Other Highlights

• Collections and Net Operating Cash flow grew by 43% to INR 2,411 crore and 45% to INR 798 crore respectively in Q3 FY24

Commenting on the performance of Q3 FY2024, Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said:

“The residential real estate sector in India has been strong over the past three years and we believe the real estate cycle will continue to strengthen over the next few years.  The significant levels of business development we have executed in previous years at favourable terms provides us the opportunity to exponentially scale our business in the years ahead. Our topmost priority is bringing these new projects to market in the upcoming quarters. 

We saw strong demand continue for new launches this quarter and we are delighted with the response to our project, Godrej Aristocrat in Gurugram which received bookings of more than INR 2,600 crores within the quarter making it GPL’s most successful ever launch. We will significantly exceed our bookings guidance of INR 14,000 crore for FY24 and we are confident of also delivering our best ever year in terms of cash collections and project deliveries.”

Financial Overview (Consolidated)

• Q3 FY24 performance overview compared with Q3 FY23
• Total Income grew by 43% to INR 524 crore as compared to INR 366 crore
• EBITDA was INR 152 crore as compared to INR 153 crore
• Net Profit grew by 6% to INR 62 crore as compared to INR 59 crore
• EPS# amounted to INR 2.24 as compared to INR 2.11

#not annualised

9M FY24 performance overview compared with 9M FY23

• Total Income grew by 126% to INR 2,410 crore as compared to INR 1,068 crore
• EBITDA grew by 51% to INR 548 crore as compared to INR 364 crore
• Net Profit grew by 60% to INR 254 crore as compared to INR 159 crore
• EPS# amounted to INR 9.14 as compared to INR 5.73

#not annualised

About Godrej Properties Limited: 

Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. Each Godrej Properties development combines a 127-year legacy of excellence and trust with a commitment to cutting edge design, technology, and sustainability. In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.

Godrej Properties has deeply focused on sustainable development. In 2010, GPL committed that all of its developments would be third party certified green buildings. In 2020 and again in 2021 and 2022, the Global Real Estate Sustainability Benchmark ranked GPL #1 globally amongst listed residential developers for its sustainability and governance practices. In 2017, GPL was one of the founding partners of the Sustainable Housing Leadership Consortium (SHLC), whose mission is to spread sustainable development practices across the Indian real estate sector. In recent years, Godrej Properties has received over 400 awards and recognitions, including the Porter Prize 2019, The Most Trusted Real Estate Brand in the 2019 Brand Trust Report, Builder of the Year at the CNBC-Awaaz Real Estate Awards 2019, and The Economic Times Best Real Estate Brand 2018.