2024-10-23 17:09:11 :
Real estate firm Godrej Properties on Wednesday reported a five-fold jump in consolidated net profit to $Revenue for the quarter ended September was Rs 335.21 crore on higher revenue.
Its net profit is $66.80 crore in the same period last year.
Total revenue more than doubled $Revenue in the second quarter of the current fiscal year was Rs 1,346.54 crore $According to regulatory filings, it was Rs 605.11 million in the same period last year.
Pirojsha Godrej, executive chairman of Godrej Properties Ltd, said the company had a strong second quarter with record bookings, collections, operating cash flow and deliveries in the second quarter and first half.
“Godrej Properties has rescaled with bookings growing at 56 per cent in FY23, 84 per cent in FY24 and 90 per cent in H1 FY25,” he added.
The benefits of this are evident in the company’s cash flow, with collections up 68% in the September quarter and operating cash flow up 125%, Pirojsha said.
“With a strong launch pipeline, strong balance sheet and resilient demand, we are on track to significantly exceed our bookings targets $27,000 crore in FY25, while also achieving our highest ever delivery and collection volumes. “
Recently, the company reported an 89% increase in sales bookings, exceeding $13,800 crore during the April-September period of the current fiscal year.
The goal set by the company is $Sales order book value for current fiscal 2024-25 is Rs 27,500 crore $22,527 crore in the previous year.
Pirojsha noted that industry tailwinds in Indian residential real estate will continue in the coming years.
“We remain focused on growing scale through continued market share growth and margin expansion,” he said.
Godrej Properties is one of the leading real estate developers in the country.
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