Godrej Properties reports turnaround Q4 result

The real estate developer reported a consolidated net profit of Rs 258.65 crore in Q4 FY22 as against net loss of 191.57 crore in Q4 FY21.

Net sales zoomed 207% year on year to Rs 1,330.64 crore in Q4 FY22 from Rs 432.64 crore posted in Q4 FY21. The Mumbai based real estate company reported a profit before tax of Rs 354.40 crore in Q4 FY22 as compared to pretax loss of Rs 124.93 crore in Q4 FY21.

The real estate company reported a consolidated EBITDA of Rs 403 crore with EBITDA margin of 27.3% in Q4 FY22.

On the operational front, total booking value in Q4 FY22 stood at Rs 3,248 crore, rising 23% year on year from Rs 2,632 crore posted in Q4 FY21. Total booking volume rose by 1% to at 4.23 million sq. ft. in Q4 FY22 as compared to 4.17 million sq. ft. in Q4 FY21. The company said it added three new projects with saleable area of 6.1 million sq. ft. in Q4 FY22.

On a full year basis, the company reported a consolidated net profit of Rs 352 crore in financial year ended 2022 as against consolidated net loss of Rs 189.3 crore in financial year ended 2021. Net sales jumped 138% year on year to Rs 1,824.88 crore in FY22.

Commenting on the Q4 FY22 performance, Pirojsha Godrej, executive chairman of Godrej Properties said, The real estate sector has strengthened during FY22 and we expect strong growth for the sector over the next few years. With a robust launch pipeline, strong balance sheet and sectoral tailwinds, we look forward to building on this momentum in FY23.

Godrej Properties is engaged in construction and real estate development

Shares of the real estae developer closed 2.7% higher to end at Rs 1,615.50 on Monday. The domestic market is closed today, 3 May 2022 on account of Ramzan Eid.

Powered by Capital Market - Live News