Godrej Properties Q3 Net Profit Rises 11% To Rs 63 Cr; Sales Bookings Up 76%

Godrej Properties on Tuesday reported an 11 per cent increase in its consolidated net profit to Rs 62.72 crore in the December quarter, while sales bookings grew 76 per cent annually to Rs 5,720 crore during the period on better housing demand.

The realty firm's net profit stood at Rs 56.40 crore in the year-ago period.

Total income rose to Rs 548.31 crore in the third quarter of this fiscal year from Rs 404.58 crore in the corresponding period of the previous year, according to a regulatory filing.

Godrej Properties said its sales bookings grew by 76 per cent Year-on-Year (YoY) to Rs 5,720 crore in the October-December period.

In the first nine months of this fiscal, sales bookings rose 59 per cent YoY to Rs 13,008 crore. "Booking value in the first nine months of 2023-24 was 106 per cent of booking value for the entire FY'23, which was the company's previous best-ever year."

Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate developers in the country.

The board of directors re-appointed Pirojsha Godrej as the Whole Time Director and designated as Executive Chairperson of the company for a further period of three years with effect from April 1, 2024, subject to the approval of the shareholders.

Commenting on the performance of Q3 FY2024, Pirojsha Godrej 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 provide 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," he added.

Godrej said the demand remained strong in its new project launched during the December quarter.

"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," he added.