Godrej Properties exhibits thriving growth of 14% in Q4 of FY2024

 In the Q4 of 2024, Godrej Properties has anticipated a growth of 14% in its net profit during the financial year which ended on  March 31st, 2024. The company’s revenue from operations fell 13.4%. The company has recorded a profit of Rs. 478.01 crore in Q4 FY24 as against Rs. 453.87 crore it registerd in the corresponding quarter of the previous fiscal.

The company delivered 6 million square feet across six cities in the quarter. The adjusted EBITDA at Rs.717 crore saw a decline of 2%. The net consolidated profit of the farm clocks at Rs. 1,914.82 crore in Q4 FY24, a growth of 4.13% from Rs. 1,838.82 crore during the similar quarter last year.  

About this exceptional growth, executive chairperson of the Godrej Properties, Pirojsha Godrej said, "The significant levels of business development we have executed in previous years at favorable terms allowed us to 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 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.

He further added that, the company has a strong launch pipeline that would enable it to meet its stated targets in the current fiscal year.

According to the company data, in Q4, the company sold 5,331 homes. The momentum was driven by demand in some key new project launches, with the Mumbai Metropolitan Region seeing highest ever quarterly sales at Rs.4022 crore. Godrej Reserve in MMR fetched bookings of Rs.2,693 crore, and Godrej Zenith in the National Capital Region got bookings worth Rs.3,008 crore.

Their number of booking in NCR grew 180% to Rs.10,016 crore and in MMR it was up 114% at Rs.6,545 crore. In FY24, four projects, including Godrej Aristocrat (launched in Q3) and Godrej Tropical Isle (launched in Q2) achieved over Rs.2,000 crore booking value. In 2024, also added 10 new projects with an estimated revenue potential of Rs.21,225 crore, 42% above its guidance.