Godrej Properties on Wednesday posted its fiscal first quarter profit at Rs 124.94 crore, up 174.3 per cent in comparison to Rs 45.55 crore during the first quarter of FY23. It posted revenue from operations at Rs 936.09 crore, up 282.6 per cent as against Rs 244.67 crore during the corresponding quarter of FY23. The company EBITDA stood at Rs 149 crore. Godrej Properties, during the quarter in review, recorded a total income of Rs 1,265.98 crore, up 196.9 per cent on-year in comparison to Rs 426.40 crore a year earlier. Meanwhile, the total expenses for the quarter was at Rs 1,121.89 crore, up 275.5 per cent from Rs 298.81 crore during Q1FY23.
Godrej Properties witnessed a total booking value of Rs 2,254 crore with 2.25 million sqft of area sold during the quarter. “Sustenance sales grew by 19 per cent year-on-year to Rs 1,816 crore during Q1FY24,” it said in a statement. The company also added four new projects with a total estimated saleable area of ~3.7 million sqft and total estimated booking value of ~Rs 6,450 crore in April-July 2023.
Godrej Properties said that the collections during the quarter grew by 26 per cent to Rs 1,954 crore in Q1FY24, leading to net operating cash flow growth of 436 per cent to Rs 118 crore in Q1FY24. It said that the company delivered approximately 4.9 million sqft across four markets during the first quarter of FY24.
“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 Q1FY24,” said Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited.
“With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to achieve our bookings target of Rs 14,000 crore in FY24 while also achieving our highest ever deliveries and collections performance,” added Pirojsha Godrej.