Thursday, July 25, 2024

Godrej Properties Reports a 22% Rise in Q2 Profit, Reaching Rs 66.80 Crore

On November 2, Godrej Properties, a listed real estate developer, disclosed a robust 22% surge in its consolidated net profit, reaching Rs 66.80 crore during the second quarter of the fiscal year. Notably, the company also reported a remarkable increase of over two-fold in its sales bookings, totaling Rs 5,034 crore for the quarter.

Comparatively, in the same period of the previous year, the net profit amounted to Rs 54.96 crore. The firm’s total income for the July-September period of the 2023-24 fiscal year surged to Rs 605.11 crore, a significant growth from the previous year’s figure of Rs 369.20 crore, as per the regulatory filing.

Furthermore, during Q2 FY24, the company’s collections increased by 23% to Rs 2,378 crore, resulting in a net operating cash flow of Rs 811 crore. Additionally, the company successfully delivered approximately 1.55 million square feet across two markets during the same quarter.

Godrej Properties reported a remarkable jump in its sales bookings, exceeding two-fold growth to reach Rs 5,034 crore during the second quarter of the current fiscal year, compared to Rs 2,409 crore in the year-ago period, marking its “highest-ever quarterly sales-booking value.” A significant portion of these sales bookings, amounting to Rs 2,016 crore, was attributed to the project Godrej Tropical Isle in Noida.

Pirojsha Godrej, Executive Chairperson of Godrej Properties Limited, expressed optimism regarding the strength and resilience of the residential real estate sector in India over the past two years. He emphasized the company’s commitment to harnessing the growth opportunities in the market, given their extensive business development efforts in recent years.

The company aims to bring several projects to market in the coming quarters. Strong demand for new launches and the success of the Godrej Tropical Isle project in Noida, which achieved bookings of over Rs 2,000 crores in the quarter, have bolstered their confidence. Godrej Properties remains focused on surpassing its bookings target of Rs 14,000 crore in FY24, with a commitment to achieving record cash collections and timely project deliveries.

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