Godrej Properties Q3 Results 2023-24: Consolidated Net Profit Grows to ₹62.47 Crore, Sales Bookings Hit ₹5,720 Crore.
Table of Contents
Robust Growth in Godrej Properties Q3 Results
Godrej Properties, a leading real estate major, reported a consolidated net profit of ₹62.47 crore for the quarter ended December 2023, marking a notable 6% growth from ₹58.49 crore in the same quarter the previous year.
Impressive Revenue Surge
The company witnessed an impressive surge in revenue for Q3FY24, with a remarkable 68% year-on-year increase, reaching ₹330.44 crore from ₹196.23 crore.
Record Sales Bookings and Areas sold
Sales bookings for Godrej Properties saw a substantial 76% year-on-year growth, reaching ₹5,720 crore in Q3FY24. The momentum continued in the 9 months, with sales bookings growing by 59% to ₹13,008 crore. Q3FY24 marked the company’s highest-ever quarterly sales for the second consecutive quarter, selling 4.34 million sq. ft. of area.
Strong Financial Indicators
Collections and Net Operating Cash flow demonstrated robust growth, increasing by 43% to ₹2,411 crore and 45% to ₹798 crore, respectively, in Q3FY24, according to a release by Godrej Properties Q3 Results.
Confident Outlook and Future Plans
Pirojsha Godrej, Executive Chairperson of Godrej Properties, expressed confidence in exceeding the bookings guidance of ₹14,000 crore for FY24. He stated, “We are confident of also delivering our best year in terms of cash collections and project deliveries.” The company launched eight new projects/phases across five cities during the quarter, adding to its positive growth momentum.
Expansion and Business Opportunities
Godrej Properties expanded its portfolio with the launch of eight new projects/phases during the quarter, covering five cities. Notably, a group housing project in Bengaluru with an estimated booking value of ₹1,250 crore was added, bringing the 9MFY24 count to six additions with a cumulative estimated booking value of ₹8,425 crore.
Optimistic Future Outlook
Commenting on the Indian residential real estate sector, Godrej mentioned, “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.“
Godrej Properties, backed by strong financial performance and strategic initiatives, is poised for exponential growth in the coming years, leveraging the favorable business development executed in previous years.
With input from Mint
