Godrej Properties profit up 14% in Q4
The company witnessed 63% rise in other expenses, totalling Rs 324.24 crore, compared to Rs 199.53 crore. (Reuters)
Godrej Properties (GPL) reported a 14% increase in its net profit, at Rs 471 crore, up from Rs 412 crore in Q4FY23. This is the highest-ever quarterly net profit for the company, it said.
Total revenue grew by 1% to Rs 1,952 crore in the reporting period compared to Rs 1,930 crore in the same period of the previous financial year. However, the company witnessed 63% rise in other expenses, totalling Rs 324.24 crore, compared to Rs 199.53 crore.
Godrej Properties expects sales bookings of Rs 27,000 crore in FY25, a 20% increase from the FY24 booking value of Rs 22,527 crore, as per its investor presentation.
Nearly half of FY24 bookings originated from the NCR market, with a booking value of Rs 10,016 crore, while the Mumbai Metropolitan Region (MMR) followed with a booking value of Rs 6,545 crore. Pune and Bengaluru saw booking value worth Rs 2,686 crore and Rs 2,460 crore respectively during FY24.
“We expect bookings growth of 20% over the medium term. It can be calibrated upwards or downwards depending on market conditions. It will be a combination of volume growth as well as pricing growth” Pirojsha Godrej, chairman of the company, said in a call with analysts.
He said they have a pipeline of projects in Mumbai, NCR, Pune, Bengaluru and others.
“With a robust launch pipeline, strong balance sheet, and sectoral tailwinds, we are confident of an outstanding FY25.” he said.
Regarding the family settlement, he said the agreement between Godrej Properties and Godrej & Boyce is limited to the latter’s land parcel in Vikhroli in Mumbai. He stated GPL will remain as a development manager for Godrej & Boyce for Vikhroli and get development management fees of 10% of the topline of the project.