Godrej Properties Q1 Results: Net profit surges 3-fold to ₹125 crore, sale bookings down 11% YoY
₹124.94 crore for the first quarter of this fiscal, while sale bookings fell 11 per cent annually in April-June period to ₹2,254 crore. The company also plans to raise ₹2,000 crore, in one or more tranche, through issue of non-convertible debentures (NCDs) and bonds on private placement basis. Its net profit stood at ₹45.55 crore in the year-ago period.
Total income rose to ₹1,265.98 crore in April-June 2023-24 from ₹426.40 crore in the corresponding period of the previous year, according to a regulatory filing. On operational front, Godrej Properties said in an investor presentation that its sale bookings declined 11 per cent to ₹2,254 crore in the quarter from ₹2,520 crore in the year-ago period. In terms of volumes, sale bookings dropped 20 per cent to 2.25 million square feet from 2.83 million square feet.
The company delivered 4.9 million square feet area in June quarter. "While it was a muted start to the year from a bookings perspective, Godrej Properties saw strong traction in deliveries, business development, cash collections, and earnings in Q1 FY24," Godrej Properties Executive Chairperson Pirojsha Godrej said. "With a robust launch pipeline, strong balance sheet, and resilient demand, we are on track to achieve our bookings target of ₹14,000 crore in FY24 while also achieving our highest ever deliveries and collections performance," he added.
During the last fiscal, Godrej Properties sold properties worth ₹12,232 crore. Of the total sale bookings of ₹2,254 crore in April-June, the company registered booking value of ₹656 crore in Mumbai Metropolitan Region (MMR), ₹548 crore in Delhi-NCR, ₹509 crore in Bengaluru and ₹446 crore in Pune. The company has a major presence in these four markets.
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