Godrej Properties Q1 Results: Profit jumps 168% YoY; firm records highest ever bookings at Rs 2,520 crore

Godrej Properties, the real estate development arm of the Godrej Group, reported a 168% on-year growth in consolidated net profit at Rs 46 crore for the quarter ended June. Total income for the period rose 61% to Rs 375 crore.

The company has recorded the highest ever quarterly sales with a total bookings value of Rs 2,520 crore, up 407% from a year ago. Of this, the value of bookings from Mumbai projects has crossed Rs 1,000 crore. Operating profit for the quarter rose 41% to Rs 116 crore.

“Having delivered our highest ever Q1 bookings of 2,520 crores, we are on track to meet our FY23 objective of achieving Rs 10,000 crore booking value. Despite elevated inflation and recent interest rate hikes, the real estate sector has been exceptionally resilient. The sector is likely to continue to strengthen in the quarters ahead and we will be focused on significant market share gains through new project acquisitions and launches,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.

According to him, the company has a robust launch pipeline for the rest of the year which will help it build on the current momentum.

During the quarter, the company added a new project in Nagpur with a saleable area of nearly 1.5 million sq ft. Spread across 58 acres, this plotted residential development project is estimated to have a revenue potential of around Rs 575 crore. In addition to this, post the June quarter, the company has added a new project in South Mumbai’s Carmichael Road with a saleable area of nearly 1.2 lakh sq ft.

Separately, the developer announced changes to its leadership team, effective January 1, 2023. Gaurav Pandey, who is currently the Chief Executive Officer of the North Zone of Godrej Properties, will take over from Mohit Malhotra as Managing Director and Chief Executive Officer of the company.