Godrej Properties net profit up to Rs 260 crore in Q4, sales up 23%

Mumbai-based real estate firm Godrej Properties on Tuesday reported a consolidated net profit of Rs 260 crore during the January-March quarter against a loss of Rs 192 crore during the same period a year ago.

Revenue jumped 208% to Rs 1,331 crore during the period on a year-on-year basis. The quarter also saw the company posting its best sales figures, which were up 23% at Rs 3,248 crore.

During the period, the firm sold 4.24 million square feet, pushing the total area sold to 10.84 million square feet in the entire fiscal year.

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At a broader level, in the whole of FY22, the real estate firm reported a consolidated profit of Rs 352 crore. That compares with a loss of Rs 189 crore in the previous fiscal year.

“We are pleased to close the financial year with our best ever annual sales, cash collections, and earnings. With a robust launch pipeline, strong balance sheet and sectoral tailwinds, we look forward to building on this momentum in FY23,” said Pirojsha Godrej, executive chairman at Godrej Properties. “The real estate sector has strengthened during FY22 and we expect strong growth for the sector over the next few years,” he added.