Listed real estate company Godrej Properties Limited (GPL) on July 31 reported a consolidated net profit of ₹520 crore in the first quarter of this fiscal year and clocked a 316% increase from ₹124 crore in the same period during last year.
The company’s pre sales booking in Q1FY25 stood at ₹8,637 crore as against ₹2,254 crore in the year-ago period. Its total income grew to ₹1,699 from ₹1,265 crore.
GPL recorded the highest quarterly booking value and volume amongst listed developers in India for the second consecutive quarter, the company said in a regulatory filing.
The company’s collections stood at ₹3,012 crore for Q1 FY25, a Year-on-Year (YoY) growth of 54%.
In Q1FY25, the company added two group housing projects in Pune and Bengaluru having an estimated booking value of ₹3,000 crore in Q1 FY25. In total, the company added eight new projects and phase launches during the quarter across five cities.
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“Godrej Properties delivered another robust quarter registering a multi-fold growth in bookings, operating cash flows, 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,” said Pirojsha Godrej, executive chairperson, Godrej Properties Limited.
“The significant levels of business development we have executed in previous years at favorable 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 ₹27,000 crore in FY25 while also achieving our highest ever deliveries and collections performance,” he added.
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GPL on July 31 had also announced acquisition of a 46-acre land parcel in Indore. The development on this land will primarily comprise plotted residential units and will offer an estimated saleable area of ~1.16 million square feet, it said in a statement.
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The land is located just off Indore-Ujjain Road, a major upcoming corridor of Indore, that is slated to be widened to a 6-lane highway and an important residential and commercial area in the city, the company statement added.
Godrej Properties is one of the leading real estate developers in the country.
