News

Godrej Properties Reports Highest Ever Net Profit, Sales Volume in Q1FY25

Mumbai, July 31, 2024: Godrej Properties Limited (GPL) announced its financial results for the first quarter ended June 30, 2024.

CORPORATE HIGHLIGHTS:

Sales Highlights

GPL recorded highest quarterly booking value and volume amongst listed developers in India for the second consecutive quarter.
Booking value grows by 283% to INR 8,637 crores in Q1FY25. It is GPL’s highest ever quarterly sales for Q1 & its second highest quarterly sales ever.
Booking volume of 8.99 million sq. ft. of area is the highest ever quarterly volume sold by any listed developer in India, surpassing GPL’s previous best of 8.17 million sq. ft. in Q4 FY24.
Godrej Woodscapes, Bengaluru was GPL’s most successful ever launch achieving a booking value of INR 3,156 crores from 3.40 million sq. ft. of area sold. GPL has achieved over 500% QoQ growth in sales in Bengaluru and has surpassed its full year FY24 sales in South India within the first quarter.
Godrej Jardinia, Noida was GPL’s most successful launch in Noida achieving a booking value of INR 2,377 crores from 1.60 million sq. ft. of area sold. GPL has achieved booking value of over INR 4,400 crores in Sector 146, Noida in less than a year.
GPL has now achieved booking value of over INR 2,000 crores each in 6 projects in the last 4 quarters.
8 new project and phase launches during the quarter across 5 cities

Business Development

Added 2 group housing projects in Pune and Bengaluru with estimated booking value of INR 3,000 crores in Q1 FY25

Other Highlights

Collections stood at INR 3,012 Crore for Q1 FY25, a YoY growth of 54% leading to net operating cash flow growth of 737% YoY to INR 988 crore
Delivered ~2.7 million sq. ft. across 3 cities in Q1 FY25
GPL received 23 awards in Q1 FY25 including Mr. Gaurav Pandey, MD & CEO, Godrej Properties Limited, being recognized in the list of “The World’s Most Influential Decision Makers” by Wall Street Journal CEO Council.

Commenting on the performance of Q1 FY2025, Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, 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. 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 INR 27,000 crore in FY25 while also achieving our highest ever deliveries and collections performance.”