Godrej Properties Q4FY24 results: Profit rises 14% to Rs 471.26 crore

Realty firm Godrej Properties on Friday reported its highest-ever quarterly profit as earnings jumped 14 per cent annually to Rs 471.26 crore in the March quarter, spurred by better income and strong housing sales.

Its net profit stood at Rs 412.14 crore in the year-ago period.

Total income rose to Rs 1,914.82 crore in the fourth quarter of last fiscal from Rs 1,838.82 crore in the corresponding period of the previous year, the company informed in a regulatory filing.

During the 2023-24 fiscal, the company's net profit increased to Rs 725.27 crore from Rs 571.39 crore in the preceding year.

Total income rose to Rs 4,334.22 crore last fiscal year from Rs 3,039 crore in the 2022-23 financial year.

Godrej Properties, one of the leading real estate developers in the country and part of business conglomerate Godrej Group, said it has achieved the highest ever quarterly and annual net profit.

Pirojsha Godrej, Executive Chairperson, Godrej Properties Ltd, said the company delivered a robust and well-rounded performance in 2023-24 registering its best-ever bookings, cash collections, earnings, and deliveries as well as a strong year for business development.

The housing sector has been strong over the past three years, he said, exuding confidence that the "sectoral tailwinds" would continue over the next few years.

"The significant levels of business development we have executed in previous years at favourable terms allowed us to scale our bookings by 84 per cent to Rs 22,527 crore in 2023-24 and become the largest publicly listed real estate developer in India by sales," Godrej said.

In 2024-25, he expects sales bookings to rise to over Rs 27,000 crore through the launch of a large number of exciting new projects combined with strong sustenance sales.

"This combined with strong project deliveries should allow us to maintain rapid growth in operating cash flows as well. With a robust launch pipeline, strong balance sheet, and sectoral tailwinds, we are confident of an outstanding 2024-25," Godrej said.

Godrej Properties highlighted that it achieved best-ever quarterly and annual sales.

The sales bookings more than doubled to Rs 9,519 crore in the January-March quarter of 2023-24. Sales bookings grew 84 per cent annually to Rs 22,527 crore last fiscal.

The company also posted the highest-ever annual project deliveries with projects aggregating to 12.5 million (125 lakh) square feet delivered in the last fiscal.