Godrej Properties Records 6% Profit Growth, Surges in Revenue and Sales Bookings for Q3FY24

7 Feb 2024 , 01:01 PM

Godrej Properties reported a net profit of ₹62.47 crore for the quarter ended December 2023, marking a 6% increase from the same quarter last year. Revenue for Q3FY24 surged by 68% to ₹330.44 crore compared to ₹196.23 crore in the previous year.

Sales bookings witnessed a substantial growth of 76% YoY to ₹5,720 crore in Q3FY24 and 59% YoY to ₹13,008 crore in 9M FY24. Collections and Net Operating Cash flow also saw significant increases, rising by 43% to ₹2,411 crore and 45% to ₹798 crore, respectively, in Q3FY24.

Godrej Properties launched eight new projects/phases across five cities during the quarter, adding 1 group housing project in Bengaluru with an estimated booking value of ₹1,250 crore.

Pirojsha Godrej, Executive Chairperson, expressed confidence in exceeding the bookings guidance of ₹14,000 crore for FY24, alongside achieving the best-ever year in terms of cash collections and project deliveries.

The company remains optimistic about the residential real estate sector in India, anticipating continued strength in the real estate cycle over the next few years.

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