Godrej Properties Q3 PAT rises 6% YoY to Rs 62 cr

The real estate developer's consolidated net profit increased 6% to Rs 62.27 crore in Q3 FY24 as against Rs 58.74 crore posted in Q3 FY23.

Revenue from operations jumped 68.39% to Rs 330.44 crore in Q3 FY24 from Rs 196.23 crore recorded in the corresponding quarter previous year.

Profit before tax was at Rs 94.66 crore in Q3 FY24, registering de-growth of 6.6% as against Rs 101.32 crore reported in Q3 FY23.

EBITDA declined marginally to Rs 152 crore in the third quarter of FY24 as compared with Rs 153 crore recorded in Q3 FY23. EBITDA margin fell to 29% in Q3 FY24 as against 41.9% registered in Q3 FY23.

During the quarter, collections grew by 43% year on year to Rs 2,411 crore, leading to net operating cash flow growth of 45% YoY to Rs 798 crore.

On the operational front, total booking value jumped 76% to Rs 5,720 crore in Q3 FY24 as compared with Rs 3,252 crore posted in Q3 FY23. Total booking volume fell 2% to 4.34 million sq. ft. in Q3 FY24 as against 4.42 million sq. ft. in Q3 FY23.

Pirojsha Godrej, executive chairperson, Godrej Properties, 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 Rs 2,600 crore within the quarter making it GPLs most successful ever launch. We will significantly exceed our bookings guidance of Rs 14,000 crore for FY24 and we are confident of also delivering our best ever year in terms of cash collections and project deliveries.

Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 December 2023. The company currently operates in various cities and focuses on residential, commercial, and township development.

The scrip shed 0.90% to Rs 2,299.45 on the BSE.

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