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Godrej Properties has reported ₹62.3 crore consolidated net profit in the December quarter, up six per cent on year. Revenue from operations at ₹330.4 crore was 68.4 per cent higher from year ago.
Both profit and revenue were, however, down sequentially.
During the quarter it sold an area of 4.3 million square feet, down two per cent on year and down 17 per cent sequentially. The booking value however rose 76 per cent on year to ₹5720 crore, suggesting that it sold at higher prices. This is the highest quarterly sales by the company. Collections also rose 43 per cent on year to ₹2411 crore.
- Also read: Godrej & Boyce looking to ramp up distribution of consumer businesses in smaller cities and towns
According to company data it has achieved 93 per cent of the total FY24 sales guidance of ₹14,000 crore. However, on some other parameters it is lagging. It has collected only 67 per cent of its annual target of ₹10,000 crore, only slightly over half of the targeted deliveries (of houses) have been made while only 56 per cent of target business development of ₹15,000 crore has been achieved. The company indicated that it was on track to meet or even exceed its stated guidance.
It launched eight new projects and phases during the year across five cities. It launched two projects in NCR, Godrej Aristocrat and Godrej 101, both of which saw brisk sales of a total value of ₹2942 crore. In Mumbai, it launched two projects, Godrej Sky Terraces and Godrej Ascend, from which it garnered sales of ₹248 crore. Another project, Godrej Avenue in Mumbai, launched in September has seen sales of ₹687 crore within four months of launch.
In terms of geographies NCR accounted for the highest sales in the quarter at ₹3301 crore where it sold 825 units, including the new launches and sustenance sales. Bengaluru was second with sales of ₹728 crore from the sale of 1211 units. In Mumbai it sold 477 units worth ₹1065 crore.
Of the twenty projects that it has planned to launch in FY24 with a total area of 16.25 msf, four have been delayed.
Its expenses in the quarter rose to ₹429 crore from ₹265 crore year ago. This was chiefly due to a steep rise in employee benefit and other expenses.
The company said EBITDA margin, based on total income, was at 29 per cent, compared to 41.9 per cent year ago, but on par sequentially.
At the end of the quarter the company’s net debt was at ₹6903 crore, compared to ₹3649 crore at the end of March last year.
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