Godrej Properties reported a significant increase in its consolidated net profit, which surged fivefold to Rs 335.21 crore for the quarter ending in September, up from Rs 66.80 crore in the same period last year.
The company’s total income more than doubled, reaching Rs 1,346.54 crore in the second quarter of this fiscal year, compared to Rs 605.11 crore during the corresponding quarter of the previous year, as stated in a regulatory filing.
Pirojsha Godrej, Executive Chairperson of Godrej Properties, highlighted a strong performance in the second quarter, noting record bookings, collections, operating cash flows, and deliveries for both Q2 and the first half of the year.
With a bookings growth of 56% in FY23, 84% in FY24, and 90% in H1 FY25, Godrej Properties has significantly expanded its operations. The company saw collections grow by 68% and operating cash flows increase by 125% in the September quarter.
Looking ahead, Pirojsha emphasized the company’s robust pipeline of launches, strong balance sheet, and steady demand, indicating they are on track to exceed their sales bookings target of Rs 27,000 crore for FY25 while achieving record deliveries and collections.
Recently, the firm reported a remarkable 89% rise in sales bookings, totaling over Rs 13,800 crore during the April-September period of this fiscal year. Godrej Properties has set a target of Rs 27,500 crore in sales bookings for the current 2024-25 financial year, up from Rs 22,527 crore the previous year.
Pirojsha noted that the positive trends in India’s residential real estate sector are expected to persist in the coming years. “We are committed to scaling our operations through increased market share and margin growth,” he stated.
Godrej Properties is recognized as one of the leading real estate developers in India.
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