Godrej Properties said that its consolidated net profit jumped 14.34% to Rs 471.26 crore in Q4 FY24 as compared with Rs 412.14 crore in Q4 FY23.
Revenue from operations declined 13.37% YoY to Rs 1,426.09 crore in Q4 FY24.Profit before tax (PBT) increased 5.49% YoY to Rs 601 crore in Q4 FY24.
EBITDA stood at Rs 649 crore in Q4 FY24, registering the growth of 3% as compared with Rs360 crore in Q4 FY23. EBITDA margin was at 33.2% in Q4 FY24 as against 32.6% in Q4 FY23.
Collection stood at Rs 4,693 crore for Q4 FY24, up 23%. Net operating cashflow stood at Rs 2,607 crore for Q4 FY24, a YoY growth of 16%.
On operational front, booking value surged to Rs 9,519 crore during the quarter from Rs 4,051 crore recorded in the corresponding quarter last year. Sales were driven by superlative consumer demand in some key new project launches.
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Area sold during the quarter stood at 8.17 million square feet (Sq.ft) as compared with 2.52 Million Sq.ft sold in corresponding quarter last year.
In Q4 FY24, the realtor added 4 group housing projects across 3 cities with estimated booking value of Rs 12,800 crore.
On full year basis, the companys consolidated net profit jumped 27% to Rs 725 crore on 45% increase in total income to Rs 4362 crore in FY24 over FY23.
Pirojsha Godrej, executive chairperson, Godrej Properties, said: Godrej Properties delivered a robust and well-rounded performance in FY24 registering its best-ever bookings, cash collections, earnings, and deliveries as well as a strong year for business development. The significant levels of business development we have executed in previous years at favourable terms allowed us to scale our bookings by 84% to INR 22,527 crore in FY24 and become the largest publicly listed real estate developer in India be sales.
In FY25, we hope to grow residential bookings to over INR 27,000 crore through the launch of a large number of exciting new projects combined with strong sustenance sales. This combined with strong project deliveries should allow us to maintain rapid growth in operating cash flows as well. With a robust launch pipeline, strong balance sheet, and sectoral tailwinds, we are confident of an outstanding FY25.
Recently, the Grodrej group announced entering into a family settlement agreement (FSA) and a brand & non-compete agreement, to split the conglomerate into two branches. According to the FSA, Adi Godrej and Nadir Godrej will keep the listed companies. The unlisted company Godrej & Boyce Manufacturing Company will go to the families of Jamshyd Godrej and Smita Godrej.
Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 March 2024. The company currently operates in various cities and focuses on residential, commercial, and township development.
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