Godrej Properties, a real estate company, saw its profits rise by 14% in the fourth quarter of FY24, reaching Rs 471 crore compared to Rs 412 crore in the same period last year. However, revenue from operations dropped by 13.37% to Rs 1,426 crore. Profit before tax increased by 5.49% to Rs 601 crore.
The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at Rs 649 crore, showing a 3% growth from the previous year. The EBITDA margin was 33.2%. Collections for the quarter were Rs 4,693 crore, up by 23%, while net operating cash flow was Rs 2,607 crore, a 16% increase year-on-year.
During the quarter, Godrej Properties saw a surge in bookings, reaching Rs 9,519 crore compared to Rs 4,051 crore in the same quarter last year. They sold 8.17 million square feet of area, a significant increase from the previous year’s 2.52 million square feet. The company added four group housing projects across three cities during this period, with an estimated booking value of Rs 12,800 crore.
On an annual basis, the company’s consolidated net profit increased by 27% to Rs 725 crore, with total income rising by 45% to Rs 4,362 crore in FY24 over FY23.
Pirojsha Godrej, the executive chairperson of Godrej Properties, expressed satisfaction with the company’s performance in FY24, highlighting its best-ever bookings, cash collections, earnings, and deliveries. He mentioned plans to grow residential bookings to over Rs 27,000 crore in FY25 through the launch of new projects.
In other news, the Godrej group recently announced a family settlement agreement to split the conglomerate into two branches, with listed companies retained by Adi Godrej and Nadir Godrej, and the unlisted company, Godrej & Boyce Manufacturing Company, going to other family members.
Godrej Properties operates as a subsidiary of Godrej Industries and focuses on residential, commercial, and township development across various cities.
| Metric | Q4 FY24 | Q4 FY23 | Change |
|---|---|---|---|
| Consolidated Net Profit (in crores) | Rs 471.26 | Rs 412.14 | +14.34% |
| Revenue from Operations (in crores) | Rs 1,426.09 | Rs 1,646.62 | -13.37% |
| Profit Before Tax (in crores) | Rs 601 | Rs 570.01 | +5.49% |
| EBITDA (in crores) | Rs 649 | Rs 630 | +3% |
| EBITDA Margin | 33.2% | 32.6% | +0.6% |
| Collections (in crores) | Rs 4,693 | Rs 3,814 | +23% |
| Net Operating Cashflow (in crores) | Rs 2,607 | Rs 2,250 | +16% |
| Booking Value (in crores) | Rs 9,519 | Rs 4,051 | +135.6% |
| Area Sold (in million sq.ft) | 8.17 | 2.52 | +224.2% |
| Projects Added | 4 | – | – |
| Estimated Booking Value (in crores) | Rs 12,800 | – | – |
| Full Year Net Profit (in crores) | Rs 725 | Rs 570 | +27% |
| Total Income (in crores) | Rs 4,362 | Rs 3,010 | +45% |