Godrej Properties Ltd. reported a surge in profit on higher booking values.
The company saw a 58% year-on-year rise in consolidated net profit to Rs 412 crore for the fourth quarter of fiscal 2023, as compared with Rs 260.5 crore in the same quarter of the previous fiscal.
Its revenue from operations rose 23.7% to Rs 1,646 crore as against Rs 1,330.6 crore over the same quarter last year, according to its exchange filing.
Godrej Properties Q4 Highlights (YoY)
Consolidated net profit jumped 58% to Rs 412 crore, as compared with Rs 260.5 crore.
Revenue from operations was up 23.7% to Rs 1,646 crore versus Rs 1,330.6 crore in the same quarter last year.
Ebitda grew by 34% to Rs 346 crore from Rs 258 crore.
Ebitda margin expanded to 21% vs. 19%.
The company said it witnessed total booking value growth of 25% YoY and Rs 4,051 crore quarter-on-quarter, with 52.5 lakh square feet of area sold during the quarter under review. It registered an annual collection of Rs 3,822 crore during the fourth quarter.
"Highest ever collection of Rs 3,822 crore for Q4 FY23 and Rs 8,991 crore for FY23, leading to net operating cash flow growth of 115% YoY to Rs 2,245 crore in Q4 FY23 and 101% to Rs 3,533 crore in FY23," the company said.
It added five new projects, with a total estimated saleable area of nearly 90 lakh square feet and a total estimated booking value of Rs 5,750 crore, during the quarter. It delivered 80 lakh sq. ft. across five cities in Q4, taking overall deliveries for FY23 to 1.05 crore sq. ft.
For FY23, Godrej Properties added 18 new projects with an estimated revenue potential of Rs 32,000 crore, higher than its guidance of Rs 15,000 crore of estimated booking value for FY23.
"Residential real estate demand in India has been strong throughout FY23, and leading developers have benefited from both sectoral growth as well as market share gains," said Pirojsha Godrej, executive chairperson, Godrej Properties Ltd.
"Godrej Properties delivered a well-rounded performance in FY23, registering its best ever business development, bookings, cash collections, earnings, and deliveries. With a robust launch pipeline, a strong balance sheet, and sectoral tailwinds, we are confident of building on this momentum in FY24."
Shares of Godrej Properties were trading 0.6% higher at Rs 1,336.5 apiece on the BSE, as compared with a 0.2% fall in the benchmark Sensex.
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