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Godrej Properties reported an over 4 times increase in net profit in Q1 of FY25 at ₹520 crore while revenue was 25 per cent higher on year at ₹1,638 crore, driven by delivery of projects of an area of 2.7 million square feet across three cities.
Operating profit rose 237 per cent on year to ₹774 crore and it ended the quarter with a net debt of ₹7,432 crore, an increase of ₹1,234 crore from the debt level as on March 31.
During the quarter, the Mumbai-based developer booked sales of ₹8637 crore, up 283 per cent on year while area sold was four times that of year ago at 8.99 million square feet. Collections in the quarter were 54 per cent higher at ₹3012 crore.
It has already achieved close to a third of its booking guidance for FY25 set at ₹27,000 crore and about a fifth of its collection target for the year.
It launched eight new projects and phases in the quarter across five cities. It also added 2 group housing projects in Pune and Bengaluru with estimated booking value of ₹3,000 crore.
In the current fiscal the real estate developer aims to launch around 21.9 million square feet of projects with an estimated value of ₹30,000 crore. Of this 9.8 msf has been already launched.
Major portion of the launches will be in the Mumbai Metropolitan region, Bengaluru and the National Capital Region followed by Pune and other places.
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