Godrej Properties Q4 net profit jumps 4-fold to Rs 157 cr, to raise up to Rs 2,500 cr

Godrej Properties Tuesday reported nearly four-fold jump in its net profit to Rs 156.66 crore for the quarter ended March 31 on the back of higher revenue, and announced record sales bookings of over Rs 5,300 crore in the last fiscal.

The company had posted a consolidated net profit of Rs 42.28 crore in the year-ago period, the Mumbai-based developer said in a regulatory filing.

Its total income more than doubled to Rs 1,203.21 crore during the January-March quarter of 2018-19 from Rs 533.09 crore in the corresponding period of the previous year.

During the full 2018-19, Godrej Properties reported nearly three-times jump in its net profit to Rs 253.15 crore as against Rs 86.91 crore in the preceding year. Its total income during 2018-19 rose to Rs 3,221.98 crore, from Rs 2,102.36 crore in 2017-18.

When contacted, Godrej Properties Executive Chairman Pirojsha Godrej said the company performed well and clocked highest-ever quarterly and yearly sales bookings.

"It was the best-ever quarter for us with Rs 2,161 crore of sales bookings. The company also achieved its all-time high sales bookings of Rs 5,316 crore last fiscal," he said.

The company sold above Rs 900 crore in each of its four key markets of Mumbai, Bengaluru, NCR and Pune. In terms of business development, the company added 11 new projects with a saleable area of around 31 million sq ft in 2018-19.

"We expect to further scale our business development and sales momentum in 2019-20, given our exciting launch pipeline across the country," said Pirojsha.

When asked about reports that Godrej Properties being in talks to acquire Indiabulls Real Estate Ltd (IBREL), he said, "We are focused on project level acquisition" and not at the entity-level.

The board in its meeting on Tuesday approved raising of funds up to Rs 2,500 crore through issue of equity shares, preference shares, debentures and qualified institutions placement.