Godrej Properties Q3 Profit Rises 51% To Rs 58.74 Crore; Clocks Highest Quarterly Sales Booking Of Rs 3,252 Crore

Realty firm Godrej Properties on Thursday reported a 51 per cent increase in consolidated net profit at Rs 58.74 crore for the third quarter ended December 2022, while sales booking jumped over two-fold to Rs 3,252 crore on strong housing demand. Its net profit stood at Rs 39.02 crore in the year-ago period. The total income declined to Rs 404.58 crore in the third quarter of this fiscal from Rs 466.91 crore in the corresponding period of the previous year, according to a regulatory filing.

"We are very happy with the quarter gone by. Operationally, it has been a very strong quarter," Godrej Properties Executive Chairman Pirojsha Godrej told PTI when asked about the performance in the Q3 (October-December). Sales booking of the company jumped over two-fold to Rs 3,252 crore -- its highest ever quarterly sales.

 "For business development, it has been an extraordinary quarter. We have added new projects worth Rs 23,000 crore in the third quarter itself, as against the annual guidance of Rs 15,000 crore," he highlighted. For the financial year-to-date, the company has added 15 new projects with an estimated revenue potential of around Rs 27,500 crore.

Godrej Properties, which is the real estate arm of the business conglomerate Godrej Group, has been aggressively adding new land parcels (called business development), through outright purchases and partnering with the landowners. The sales bookings in the third quarter were highest for the company for any quarter ever, Godrej said, and expressed confidence that the sales bookings should easily cross the annual guidance of Rs 10,000 crore for the current fiscal year.

Nevertheless, he said, Godrej Properties will not revise its annual guidance for both sales bookings and new project additions for future development. Asked about the housing demand in the ongoing March quarter, Godrej said it remains strong. Godrej Properties posted a net profit of Rs 159.25 crore during the April-December period of this fiscal as against Rs 91.90 crore in the year-ago period. Its total income rose to Rs 1,200.18 crore in the first nine months of this fiscal from Rs 1,063.12 crore a year ago.

Godrej Properties is one of the leading real estate developers in the country. It is developing projects mainly in the Mumbai Metropolitan Region, Delhi-NCR, Bengaluru, and Pune.