Godrej Properties' net profit increases by 5.32% in Q4 FY24

NEW DELHI: Godrej Properties has reported a growth of 5.32 per cent in its net consolidated profit during the quarter ended March 31, 2024. Its profit after tax stood at Rs 478.01 crore in Q4 FY24 as against Rs 453.87 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company's net total consolidated income stood at Rs 1,914.82 crore in Q4 FY24, a growth of 4.13 per cent from Rs 1,838.82 crore it recorded in the similar quarter last year.

Pirojsha Godrej, executive chairperson of the company said, "The significant levels of business development we have executed in previous years at favourable terms allowed us to scale our bookings by 84% to Rs 22,527 crore in FY24. In FY25, we hope to grow residential bookings to over Rs 27,000 crore through the launch of a large number of exciting new projects combined with strong sustenance sales. This combined with strong project deliveries should allow us to maintain rapid growth in operating cash flows as well."

As on March 31, 2024, its net worth stood at Rs 9,992.51 crore, debt-equity ratio (gross) was 1.07, debt-equity ratio (net) was 0.62, current liability ratio was 0.89, total debts to total assets was 0.30, operating margin was 13.38% and net profit margin was 24.49%.

During the year ended March 31, 2024, the group has acquired control of four of its joint ventures.

The board of directors re-appointed Sutapa Banerjee as a non – executive, independent director of the company for the second term of five years commencing from November 05, 2024 till November 04, 2029.

GPL’s booking value stood at Rs 9,519 crore in Q4 FY24, up 135% year-on-year and 66% quarter-on-quarter, and grew 84% to Rs 22,527 crore for FY24.

For FY24, the company added 10 new projects with an estimated revenue potential of about Rs 21,225 crore.