Godrej Properties Delivers Stellar Q1 Results

31 Jul 2024 , 01:24 PM

On July 31, Mumbai-based real estate developer Godrej Properties reported a 316% increase in consolidated net profit to ₹520 Crore for the quarter ended June 30, 2024. The previous year, it posted a net profit of ₹125 Crore.

The firm’s total income increased by 25% to ₹1,638 Crore in Q1FY25, compared to ₹1,315 Crore in Q1FY24.

At 1234 IST on July 31, the firm’s shares were trading roughly 1% higher on the National Stock Exchange, at ₹3,211.80 per.

The company’s market capitalisation surpassed $10 billion for the first time in Q1FY25.

During the quarter, Godrej Properties added two new projects with a saleable area of about 3.1 million sq ft and a booking value of ₹3,000 Crore, according to its investor presentation. The developments are located in Pune’s Hinjawadi and Bengaluru’s Thanisandra area.

Godrej Properties noted that it is on pace to reach the board’s primary business development and sales targets. The company’s goals for FY25 include a booking value of ₹27,000 Crore, cash collections of ₹15,000 Crore, deliveries of 15 million sq ft, and business development of ₹15,000 Crore based on the expected booking value.

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