MUMBAI: Godrej Properties, the largest publicly traded developer by sales, on Friday reported a strong set of numbers in the March quarter with the highest-ever quarterly net profit at Rs 471 crore and also the highest-ever annual profit at Rs 725 crore. The management also said they expect to clock over Rs 27,000 crore in booking value in the current fiscal, up from Rs 22,527 crore for FY24 in the year gone-by.
But on an annualized basis, quarterly net profit growth was only 14 percent over Rs 412 crore in the year-ago period, while annual profit increase was 27 percent from Rs 571 crore.
The Godrej group entity, now under the Adi Godrej group with the formal bifurcation of the family entities earlier this week, also said the quarter saw the best ever quarterly and annual sales with booking value of Rs 9,519 crore, which was up 135 percent on-year and at Rs 22,527 crore for FY24, which was more than 84 percent over the previous fiscal year.
In terms of collections too, the periods under review set a record with quarterly and annual collections at Rs 4,693 crore and Rs 11,436 crore respectively. The year also saw the company making the highest-ever annual project deliveries aggregating to 12.5 million sqft. It has added 10 projects with an estimated booking value of Rs 21,225 crore during the year.
In the reporting quarter, bookings rose to Rs 9,519 crore from selling 5,331 homes with 8.17 million sqft of area. For the full year, bookings grew to Rs 22,527 crore, a growth of 84 percent over the previous best and 61 percent above the guidance provided at the start of the year, the company said in a statement. During the year it sold 14,310 units with a total area of 20 million sqft.
Sales were driven by the NCR market which achieved a booking value of Rs 3,008 crore and the MMR achieving a booking value of Rs 2,693 crore. Its bookings in the NCR grew 180 percent to Rs 10,016 crore in FY24 and those in MMR clipped at 114 percent to Rs 6,545 crore of which as much as Rs 4,022 crore came in Q4 alone.
Delivered 6 million sqft across seven cities in Q4 taking the overall deliveries for FY24 to 12.5 million sqft.
Commenting on the performance, Pirojsha Godrej, executive chairman of Godrej Properties, said that after delivering a robust and well-rounded performance in FY24 with the best-ever bookings, cash collections, earnings, and deliveries, the company hopes to grow bookings to over four projects.
