Godrej Properties reported a 58 per cent annual rise in net profit at ₹412 crore for the March quarter while revenue rose 23.7 per cent to ₹1,646 crore, as it delivered projects aggregating 8 million square feet across five cities.

The real estate developer ended FY23 with bookings of ₹12,232 crore and is aiming for ₹14,000 crore bookings in FY24. Talking to analysts to discuss the results, Executive Chairman Pirojsha Godrej said with both price growth and demand continuing to be buoyant despite interest rate hikes, he is confident of a strong year ahead.

 During the quarter, the company had bookings of ₹4,051 crore selling over 5.25 msf. Its collections were up 52 per cent on year at ₹3,822 crore and it generated cash flows of ₹2,200 crore.

Godrej said the company was unlikely to raise any more equity over the next two years. It has sought board approval to raise ₹2,000 crore via issue of non-convertible debentures or bonds. In FY20 and FY21, the company had raised ₹5,850 crore through equity issuances.

JV projects

The company is in talks with a partner for multiple joint venture projects while it would also be doing a number of joint development projects.

During FY23, the company added 18 new residential projects with a saleable area of 29 msf and an estimated booking value of ₹32,000 crore. It also launched 24 new projects and phases across seven cities, giving it a robust pipeline for future quarters and years.

For FY23, the company’s net profit rose 62.2 per cent to ₹571 crore, while revenue rose 23.4 per cent to ₹2,252 crore.

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