Godrej Properties posts 14 per cent rise in Q4 net profit at Rs 471 crore

MUMBAI: Godrej Properties on Friday reported a 14 per cent growth in its consolidated net profit at Rs 471 crore for the January-March quarter of 2023-2024 compared to the corresponding figure of Rs 412 crore in the same period of 2022-23.

However, revenue from operations during the quarter declined 13 per cent to Rs 1,426 crore, from Rs 1,646 crore in the same period last year.

The company's revenue from operations for the full fiscal year 2023-24 increased to Rs 3,035 crore, from Rs 2,252 crore in FY23, while its adjusted EBITDA rose to Rs 1,379 crore, from Rs 1,118 crore.

The company added 10 new housing projects in FY24, with a revenue potential of Rs 21,225 crore, 42 per cent more than its guidance of an estimated booking value of Rs 15,000 crore.

According to the investor's presentation, the National Capital Region (NCR) was the largest contributor to its coffers at Rs 10,016 crore in FY24, followed by the Mumbai Metropolitan Region with Rs 6,545 crore.

"The residential real estate sector in India has been strong over the past three years, and we believe the sectoral tailwinds will continue over the next few years. The significant levels of business development we have executed in previous years on favourable terms allowed us to scale our bookings by 84 per cent to Rs 22,527 crore in FY24, and in FY25, we hope to grow residential bookings to over Rs 27,000 crore," said Pirojsha Godrej, Executive Chairperson, Godrej Properties Ltd.