Godrej Properties reported a 14 per cent increase in its net profit in the fourth quarter of FY24. The company’s revenue from operations fell 13.4 per cent.
The real estate developer reported a net profit of ₹471 crore on revenue of ₹1,426 crore.
Real estate companies recognise revenue when the projects are delivered. It delivered 6 million square feet across six cities in the quarter.
The adjusted EBITDA at ₹717 crore saw a decline of 2 per cent.
In terms of bookings, it was one of the best quarters with booking value more than doubling to ₹9,519 crore and the area sold up 56 per cent at 8.2 million square feet. Eight new projects and phases were launched during the quarter across five cities.
In FY25, the company expects bookings of over ₹27,000 crore, up from the ₹22,527 crore bookings achieved last year, on the back of more launches and sustenance sales.
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“Godrej Properties delivered a robust and well-rounded performance in FY24 registering its best-ever bookings, cash collections, earnings, and deliveries as well as a strong year for business development,” Executive Chairperson Pirojsha Godrej said.
The company had a strong launch pipeline that would enable it to meet its stated targets in the current fiscal year, he added.
Sales and collections
In Q4, the company sold 5,331 homes. The momentum was driven by demand in some key new project launches, with the Mumbai Metropolitan Region seeing highest ever quarterly sales at ₹4022 crore. Godrej Reserve in MMR fetched bookings of ₹2,693 crore, and Godrej Zenith in the National Capital Region got bookings worth ₹3,008 crore.
The company’s bookings in NCR in FY24 grew 180 per cent to ₹10,016 crore and in MMR it was up 114 per cent at ₹6,545 crore.
In FY24, four projects, including Godrej Aristocrat (launched in Q3) and Godrej Tropical Isle (launched in Q2) achieved over ₹2,000 crore booking value. In the yea,r it also added 10 new projects with an estimated revenue potential of ₹21,225 crore, 42 per cent above its guidance.
In the quarter under review, cash collections were at ₹4,693 crore, while it was ₹11,436 crore for FY24, leading to net operating cash flow growth of 16 per cent year-on-year to ₹2,607 crore in Q4 and 23 per cent year-on-year to ₹4,334 crore in FY24.
Godrej Properties’ share price closed 1.31 per cent, or ₹33.30 higher at ₹2566.10 on the BSE on Friday.