Godrej Properties Q3 Results: Net profit rises 6% to ₹62 crore, revenue jumps 68% YoY

Godrej Properties on Tuesday reported a consolidated net profit of ₹62.47 crore for the quarter ended December 2023, registering a 6% growth from ₹58.49 crore in the same quarter last year.

Revenue of the real estate major Godrej Properties in Q3FY24 rose 68% to ₹330.44 crore from ₹196.23 crore, year-on-year (YoY).

Sales Bookings grew by 76% YoY to ₹5,720 crore in Q3FY24 and 59% YoY to ₹13,008 crore in 9M FY24. Q3FY24 was the company’s highest ever quarterly sales for the second quarter in a row with 4.34 million sq. ft. of area sold.

Collections and Net Operating Cash flow grew by 43% to ₹2,411 crore and 45% to ₹798 crore, respectively in Q3FY24, Godrej Properties said in a release.

“We will significantly exceed our bookings guidance of ₹14,000 crore for FY24 and we are confident of also delivering our best ever year in terms of cash collections and project deliveries,” said Pirojsha Godrej, Executive Chairperson, Godrej Properties.

The company launched eight new projects/phases during the quarter across 5 cities. It added 1 group housing project in Bengaluru with estimated booking value of ₹1,250 crore, taking the 9MFY24 count to 6 additions with an estimated booking value of ₹8,425 crore.

“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,” said Godrej. 

At 1:10 pm, Godrej Properties shares were trading 0.66% lower at ₹2,305.00 apiece on the BSE.

Catch Stock Market Live Updates here