Strong sales propel Godrej Properties to record profit in Q4 & FY24; aims Rs 27,000 cr sales in FY25

New Delhi: Realty firm Godrej Properties on Friday reported its highest-ever quarterly profit as earnings jumped 14 per cent annually to Rs 471.26 crore in the March quarter, spurred by better income and strong housing sales.

Its net profit stood at Rs 412.14 crore in the year-ago period. Total income rose to Rs 1,914.82 crore in the fourth quarter of FY24 from Rs 1,838.82 crore in the year-ago period, Godrej Properties, part of business conglomerate Godrej Group, said in a regulatory filing.

During the 2023-24 fiscal, the company's net profit increased to Rs 725.27 crore from Rs 571.39 crore in the preceding year. Total income rose to Rs 4,334.22 crore in FY24 from Rs 3,039 crore in 2022-23.

In an interview with PTI, Godrej Properties Ltd Executive Chairperson Pirojsha Godrej said, "It (2023-24 fiscal) was a great year overall, whether you look at launches, sales, collection from customers, business development, deliveries of projects, cash flow and profit. We are really excited to see the kind of momentum in the business."

He expected housing demand to sustain in the coming years. To tap this demand, Pirojsha said the company has lined up launches of multiple projects across Delhi-NCR, Mumbai-Metropolitan Region (MMR), Bengaluru, Pune, and Hyderabad markets.

Godrej Properties would acquire land parcels for future development and also step up deliveries of projects. Elaborating on the FY24 numbers, Pirojsha highlighted that the company achieved the highest-ever quarterly and annual net profit.

In 2023-24, the company registered its best-ever sales bookings, cash collections, earnings, and deliveries of projects. "The significant levels of business development we have executed in previous years at favourable terms allowed us to scale our bookings by 84 per cent to Rs 22,527 crore in 2023-24 and become the largest publicly listed real estate developer in India by sales," Godrej said.

In 2024-25, he expects sales bookings to rise to over Rs 27,000 crore through the launch of a large number of exciting new projects combined with strong sustenance sales. "This combined with strong project deliveries should allow us to maintain rapid growth in operating cash flows as well. With a robust launch pipeline, strong balance sheet, and sectoral tailwinds, we are confident of an outstanding 2024-25," Godrej said.

Godrej Properties highlighted that it achieved best-ever quarterly and annual sales. The sales bookings more than doubled to Rs 9,519 crore in the January-March quarter of 2023-24.

Sales bookings grew 84 per cent annually to Rs 22,527 crore in the last fiscal.

The company also posted the highest-ever annual project deliveries with projects aggregating to 12.5 million (125 lakh) sq ft delivered in the last fiscal.

Pirojsha said the housing sector has been strong over the past three years and exuded confidence that the "sectoral tailwinds" would continue over the next few years.