by THO
Godrej Properties on February 6 reported a 6% increase in its consolidated net profit to ₹62.47 crore in the third quarter from ₹58.49 crore in the same quarter last year and its sales bookings increased by 76% year-on-year to ₹5,720 crore during the period on the back of increased housing demand.
In the first nine months of this fiscal, sales bookings rose 59% YoY to ₹13,008 crore. Q3 FY24 was the company’s highest ever quarterly sales for second quarter in a row witnessing total booking value of ₹5,720 crore with 4.34 million sq. ft. of area sold, the company said. Revenue of the company in the third quarter of 2024 rose by 68% to ₹330.40 crore from ₹196.23 crore YoY.
Godrej Aristocrat, Gurugram, launch achieved a booking value of ₹2,667 crore; Godrej Ananda, Bengaluru achieved a booking value of ₹574 crore; Godrej Avenue 11, MMR, launched in September 2023, achieved a booking value of ₹687 crores within four months of launch, the company said in its regulatory filing, adding eight new projects/phases were launched during the quarter across five cities.
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The company added one group housing project in Bengaluru with estimated booking value of ₹1,250 crores, taking the 9M FY 24 count to six additions with an estimated booking value of ₹8,425 crores, the company said.
The board of directors re-appointed Pirojsha Godrej as the Whole Time Director and designated as Executive Chairperson of the company for a further period of three years with effect from April 1, 2024, subject to the approval of the shareholders.
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Commenting on the Q3 FY2024 performance, Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said, “The residential real estate sector in India has been strong over the past three years and we believe the real estate cycle will continue to strengthen over the next few years. The significant levels of business development we have executed in previous years at favorable terms provides us the opportunity to exponentially scale our business in the years ahead. Our topmost priority is bringing these new projects to market in the upcoming quarters.”
The company witnessed strong demand continue for new launches this quarter and “we are delighted with the response to our project, Godrej Aristocrat in Gurugram which received bookings of more than ₹2,600 crores within the quarter making it GPL’s most successful ever launch. We will significantly exceed our bookings guidance of ₹14,000 crore for FY24 and we are confident of also delivering our best ever year in terms of cash collections and project deliveries,” he added.
