Godrej Properties Q1 profit jumps over 4-fold to Rs 520 crore; properties worth Rs 8,637 crore sold

Realty firm Godrej Properties on Wednesday reported a more than four-fold jump in consolidated net profit to Rs 520.05 crore in the first quarter of this fiscal year and clocked nearly four times increase in sales bookings to Rs 8,637 crore during the June quarter amid strong housing demand.

Its net profit stood at Rs 124.94 crore in the year-ago period.The total income grew to Rs 1,699.48 crore during April-June period of 2024-25 fiscal from Rs 1,265.98 crore in the corresponding period of the previous year, according to a regulatory filing.The total expenses fell to Rs 921.45 crore from Rs 1,121.89 crore during the period under review.

On the operational front, Godrej Properties said its sales bookings jumped nearly four times to Rs 8,637 crore in the first quarter of this fiscal as against Rs 2,254 crore in the year-ago period.This is the company's highest-ever quarterly sales for the June quarter and its second highest quarterly sales ever.

Commenting on the performance, Godrej Properties Ltd Executive Chairperson Pirojsha Godrej said, "Godrej Properties delivered another robust quarter registering a multi-fold growth in bookings, operating cashflows, and earnings."

"The residential real estate sector in India has been strong over the past three years and we believe the sectoral tailwinds will continue over the next few years," he added.

Pirojsha exuded confidence that the company would achieve its sales bookings target of Rs 27,000 crore for the current fiscal year."The significant levels of business development we have executed in previous years at favourable terms continue to allow us to scale our bookings and in turn our earnings.

With a robust launch pipeline, strong balance sheet, and resilient demand, we are on track to achieve our bookings target of Rs 27,000 crore in FY25 while also achieving our highest ever deliveries and collections performance," he said.Godrej Properties is one of the leading real estate developers in the country.

It has a major presence in Delhi-NCR (National Capital Region), Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets.In the previous financial year, Godrej Properties emerged as the largest listed real estate firm in terms of sales bookings by selling properties worth over Rs 22,000 crore.