Godrej Properties Q4 profit rises 58% to Rs 412 cr; to raise up to Rs 2,000 cr via bonds

New Delhi: Godrej Properties on Wednesday reported a 58 per cent increase in consolidated net profit at Rs 412.14 crore for the quarter ended March 2023 on higher revenue driven by strong housing demand and announced plans to raise debt up to Rs 2,000 crore.

Its net profit stood at Rs 260.47 crore in the year-ago period.

Total income rose to Rs 1,838.82 crore in the fourth quarter of 2022-23 from Rs 1,522.57 crore a year ago, according to a regulatory filing.

In the entire last fiscal, net profit increased to Rs 571.39 crore from Rs 352.37 crore in 2021-22. Total income also grew to Rs 3,039 crore from Rs 2,585.69 crore.

The board of directors has approved raising of funds, by issuance of Non-Convertible Debentures (NCDs), bonds and/or other debt securities on a private placement basis, in one or more tranches, for an amount not exceeding Rs 2,000 crore.

Pirojsha Godrej, Executive Chairperson of Godrej Properties Ltd, said, "Residential real estate demand in India has been strong throughout FY23 and leading developers have benefited from both sectoral growth as well as market share gains." Godrej Properties delivered a well-rounded performance in FY23 registering its best-ever business development, bookings, cash collections, earnings, and deliveries, he added.

"With a robust launch pipeline, strong balance sheet, and sectoral tailwinds, we are confident of building on this momentum in FY24," said Pirojsha.

Recently, Godrej Properties reported a 56 per cent rise in sales booking for last fiscal to an all-time high of Rs 12,232 crore on strong demand for residential properties. Its sale bookings stood at Rs 7,861 crore in 2021-22.

Cash collections in FY23 grew 41 per cent to Rs 8,991 crore.

Godrej Properties also reported its highest-ever quarterly and annual project deliveries. "Delivered projects aggregating over 10 million square feet across 5 cities in FY23, including 7.6 million square feet in Q4," it had said.

Godrej Properties, the real estate arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country. It mainly focuses on Delhi-NCR, Mumbai Metropolitan Region, Bengaluru and Pune for development of residential projects.