Godrej Properties on Tuesday reported a consolidated net profit of ₹62.47 crore for the quarter ended December 2023, registering a 6% growth of ₹58.49 crore in the same quarter last year.
Revenue of real estate major Godrej Properties in Q3FY24 rose 68% to ₹330.44 crores of ₹196.23 crore, year-on-year (YoY).
Sales Reserves grew by 76% YoY to ₹5,720 crore in Q3FY24 and 59% YoY to ₹13,008 crore in 9M FY24. Q3FY24 was the company’s highest quarterly sales for the second consecutive quarter with 4.34 million square feet of area sold.
Collections and Net Operating Cash flow grew by 43% to ₹2,411 crore and 45% to ₹798 crore, respectively in Q3FY24, Godrej Properties said in a release.
“We will significantly exceed our reserve guidance of ₹14,000 crore for FY24 and we are confident of also delivering our best ever in terms of cash collections and project deliveries,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
The company launched eight new projects/phases during the quarter across 5 cities. It has added 1 group housing project in Bengaluru with an estimated reserve value of ₹1,250 crore, taking the 9MFY24 count to 6 additions with an estimated reserve value of ₹8,425 crores.
“The residential sector in India has been strong over the last three years and we believe that the real estate cycle will continue to strengthen over the next few years. The significant levels of business development that we have implemented in previous years on favorable terms gives us the opportunity to exponentially scale our business in the coming years,” said Godrej.
At 1:10 pm, Godrej Properties shares were trading 0.66% lower at ₹2,305.00 apiece on the BSE.
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Published: 06 Feb 2024, 13:11 IST