Godrej Properties’ Q3 Net Profit Soars 163% to ₹163 Crore

5 Feb 2025 , 10:39 PM

Godrej Properties reported 163% year-on-year (YoY) rise in consolidated net profit at ₹163 crore for the third quarter of FY25. The company had reported a net profit of ₹62 crore in the year-against quarter.

Revenue for Q3FY24 was at ₹330 crore. During the quarter, it successfully delivered 2.6 million square feet of projects in two cities. Collections of ₹3,069 crore were up 27% YoY, due to strong operating efficiency. Q2FY25 booking value of Godrej Properties stood at ₹5,446 crore.

That is a decline of 5% YoY for the Q3FY24 but an increase of 5% over the July-September or Q2FY25 quarter. For FY25, the bookings value target of the company is ₹27,000 crore, of which it has already achieved 71%. The company crossed ₹20,000 crore mark much ahead of schedule for the business development target for FY25. Total business development stood at ₹23,450 crore for the first nine months of FY25 (April-December).

Godrej Properties added four new projects for the quarter ended September FY25 strengthening its growth pipeline. The sellable area for these projects is 5.9 million square feet. These new projects have an expected booking value of ₹10,800 crore.

The demand in India’s residential real estate is strong, as evidenced by the company’s six quarters in a row of booking over ₹5,000 crore. Godrej Properties has a robust project launch pipeline, stable financials and repeat demand and is sure of surpassing its FY25 booking target of ₹27,000 crore.

Cash collections, deliveries, earnings, and operating cash flow is expected to be record high by end of FY25. In June, Godrej Properties had raised ₹6,000 crore via Qualified Institutional Placement (QIP), the largest equity raise ever by an Indian real estate firm.

As of December 31, 2024, the company maintained the momentum of immediate deleveraging and reduced net debt to ₹3,848 crore. This is a dramatic drop from ₹7,572 crore in Q2FY25 end and strengthens financial prudence significantly.