Real Estate Developer Reports 400 per cent Surge in Net Profit
The company reported a consolidated net profit of Rs 335 crore for the September quarter, up 400 per cent from Rs 67 crore in the same period last year.
Godrej Properties has successfully delivered 9.3 million square feet of area in the first half of FY25, with 6.6 million square feet delivered during the second quarter alone.
The Mumbai-based real estate developer has achieved 51 per cent of its FY25 booking guidance of Rs 27,000 crore by the end of H1FY25. As of the September quarter, the company’s booking value stood at Rs 13,835 crore, achieving 62 per cent of its full-year projection of 15 million square feet.
Financial Performance
The company reported a consolidated net profit of Rs 335 crore for the September quarter, up 400 per cent from Rs 67 crore in the same period last year. This increase was supported by a tax write-back of Rs 169 crore.
Revenue for the quarter surged to Rs 1,093 crore, compared to Rs 343 crore in the year-ago period.
DSIJ's DSIJ's ‘Mid Bridge’ service recommends well researched Mid-Cap stocks for smart investing. If this interests you, do download the service details here.
Operational Highlights
While the area sold during Q2 declined by 2 per cent to 5.15 million square feet, the booking value increased by 3 per cent, reaching Rs 5,198 crore. Additionally, customer collections saw a substantial 68 per cent year-on-year rise, reaching Rs 4,005 crore.
Cash collections for the quarter reached Rs 7,017 crore, representing 47 per cent of the company's full-year guidance of Rs 15,000 crore. This marks the highest ever collections for Godrej Properties during both the September quarter and the first half of any financial year.
Business Development Progress
Godrej Properties has also made significant progress in business development, with the expected booking value reaching 63 per cent of its full-year target of Rs 20,000 crore.
In its investor presentation, the company affirmed it is on track to meet its full-year guidance on all key parameters.
Stock Performance
Shares of Godrej Properties have gained 52 per cent so far in 2024 and have surged over 92 per cent in the past year