Godrej Properties posts 35% fall in Q4 profit; achieves record sales booking last fiscal

Realty firm Godrej Properties on Monday reported a 35 per cent fall in its consolidated net profit at Rs 101.08 crore for the quarter ended March on higher expenditure.

Its net profit stood at Rs 156.66 crore in the year-ago period, the company said in a regulatory filing.

Total income, however, rose to Rs 1,288.17 crore in the fourth quarter of the last fiscal year from Rs 1,203.21 crore in the previous year.

The Mumbai-based company's net profit rose to Rs 267.21 crore during the full 2019-20 financial year from Rs 253.15 crore in the previous year.

Meanwhile, the total income fell to Rs 2,914.59 crore during the last fiscal year from Rs 3,221.98 crore in the 2018-19 financial year.

On operational update, Godrej Properties said that the company's total sales bookings stood at Rs 5,915 crore and 8.80 million sq ft during the last fiscal year. In 2018-19, the sales bookings stood at Rs 5,316 crore and 8.76 million sq ft.

The company said this is its highest ever sales bookings in a financial year.

"The booking value of Rs 5,915 crore is likely to be the highest booking value achieved by any publicly listed real estate developer in India in FY20," Godrej Properties said.

During the last fiscal, the company added 10 new projects with saleable area of around 19 million sq. ft. in FY20.

Pirojsha Godrej, Executive Chairman, Godrej Properties, said: While the real estate sector is likely to be significantly impacted for the next few months, we believe there will be continued opportunities for credible developers with strong brands as the process of consolidation that has been underway in the sector gathers pace."