Godrej Properties Q1 profit jumps nearly 3-fold to Rs 125 cr; sale bookings down 11% to Rs 2,254 cr

New Delhi: Godrej Properties on Wednesday reported a nearly three-fold jump in consolidated net profit at Rs 124.94 crore for the first quarter of this fiscal, while sale bookings fell 11 per cent annually in April-June period to Rs 2,254 crore.

Its net profit stood at Rs 45.55 crore in the year-ago period.

Total income rose to Rs 1,265.98 crore in April-June 2023-24 from Rs 426.40 crore in the corresponding period of the previous year, according to a regulatory filing.

On operational front, Godrej Properties said in an investor presentation that its sale bookings declined 11 per cent to Rs 2,254 crore in the quarter from Rs 2,520 crore in the year-ago period. In terms of volumes, sale bookings dropped 20 per cent to 2.25 million square feet from 2.83 million square feet.

The company delivered 4.9 million square feet area in June quarter.

"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 Q1 FY'24," Godrej Properties Executive Chairperson Pirojsha Godrej said.

"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," he added.

During the last fiscal, Godrej Properties sold properties worth Rs 12,232 crore.

Of the total sale bookings of Rs 2,254 crore in April-June, the company registered booking value of Rs 656 crore in Mumbai Metropolitan Region (MMR), Rs 548 crore in Delhi-NCR, Rs 509 crore in Bengaluru and Rs 446 crore in Pune.

The company has a major presence in these four markets.

Godrej Properties, a part of business conglomerate Godrej Group, is one of the leading real estate developers in the country.