Godrej Properties reports 316% surge in Q1 profit

Godrej Properties leads: Godrej Properties Ltd (GPL) recorded Rs 8,637 crore in sales bookings for the June quarter, surpassing other listed developers. This is a notable surge from Rs 2,254 crore in the same period last year.

The Mumbai-based firm’s net profit surged 316 per cent year-on-year (YoY) to Rs 520 crore, up from Rs 125 crore, though its revenue from operations fell to Rs 739 crore from Rs 936 crore.

GPL beats competitors

In comparison, Macrotech Developers Ltd reported pre-sales of Rs 4,030 crore, Prestige Group achieved sales of Rs 3,029.5 crore, and DLF Ltd posted Rs 6,404 crore in sales.

Pirojsha Godrej, Executive Chairperson of GPL, noted that the strong performance of the residential real estate sector in India is expected to continue, benefiting from the company's previous business developments.

GPL’s sales volume for the quarter was 8.99 million square feet (sq ft), a notable increase from 2.25 million sq ft a year ago.

GPL scales up projects

For the fiscal year 2023-24, GPL’s sales bookings increased by 84 per cent to Rs 22,527 crore, making it the largest listed developer by sales. The company is targeting Rs 27,000 crore in sales bookings for the current fiscal year and aims for its highest-ever deliveries and collections.

The company added two new group housing projects in Pune and Bengaluru with an estimated booking value of Rs 3,000 crore during the quarter. It plans to launch real estate projects totaling 21.9 million sq ft in 2024-25, with an expected booking value of Rs 30,000 crore.

Additionally, GPL’s market capitalisation has exceeded $10 billion for the first time.