Real estate developer Godrej Properties on August 2 reported about a three-fold jump in consolidated net profit at Rs 125 crore for the quarter that ended June 30, while sale bookings fell 11 percent annually to Rs 2,254 crore, the company said in a regulatory filing.
The company’s quarter-on-quarter net profit was down 70 percent in the April-June quarter while revenue declined 32 percent to Rs 1,315 crore. The revenue stood at Rs 375 crore in the corresponding period of the previous year.
Its net profit stood at Rs 46 crore in the year-ago period.
The company delivered 4.9 million square feet area in the June quarter and the collections grew by 26 percent to Rs 1,954 crore in Q1FY24.
Of the total sale bookings of Rs 2,254 crore in April-June quarter, the company registered a booking value of Rs 656 crore in the Mumbai Metropolitan Region (MMR), Rs 548 crore in Delhi-NCR, Rs 509 crore in Bengaluru and Rs 446 crore in Pune.
On the operational front, Godrej Properties said in an investor presentation that its sale bookings declined 11 percent in Q1FY24 from Rs 2,520 crore in the year-ago period. In terms of volumes, sale bookings dropped 20 percent to 2.25 million square feet from 2.83 million square feet.
"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 FY24," 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.
Also read: Godrej Properties Q1 show disappoints Street, stock falls 2%
The company also plans to raise Rs 2,000 crore, in one or more tranches, through the issue of non-convertible debentures (NCDs) and bonds on a private placement basis.
The board also appointed Jayashree Vaidyanathan as an additional director (non-executive, independent director) for a period of five years from the conclusion of the 38th Annual General Meeting of the company on August 2, 2023, to August 2, 2028, subject to the approval of the shareholders.
During the last fiscal, Godrej Properties sold properties worth Rs 12,232 crore.
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