Godrej Properties, a real estate giant based in Mumbai, announced on July 31 that its consolidated net profit for the quarter ending June 30, 2024, increased by 36 per cent to Rs 520 crore. It declared a net profit of Rs. 125 crore for the previous fiscal year.
Total income Q1 FY25
Compared to Q1 FY24, the company's total income increased by 25 per cent to Rs 1,638 crore in Q1 FY25. On July 31, at 03.30 IST, the company's shares were trading for Rs 3,223.00 per share on the National Stock Exchange. The stock jumped more than 3 per cent in trading hours today.
In Q1 FY25, the company's market capitalization surpassed USD 10 billion for the first time.
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According to Godrej Properties' investor presentation, the company added two new projects during the quarter, totaling approximately 31 lakh square feet of saleable area with an estimated booking value of Rs 3,000 crore. The projects are situated in the Thanisandra suburb of Bengaluru and the Hinjawadi neighborhood of Pune.
Net debt Q1 FY25
The company's net debt increased to Rs 7,432 crore at the end of June 30 from Rs 6,198 crore at the end of the March quarter due to a number of projects that it was working on.
The company's goals for FY25 include deliveries of 15 million square feet, a booking value of Rs 27,000 crore, cash collections of Rs 15,000 crore, and business development with an estimated booking value of Rs 15,000 crore.
Booking value and volume
In Q1 FY25, booking value increased by 283 per cent to Rs 8,637 crore. Q1 sales for GPL are at an all-time high and rank second in the company's history.
The company's stock exchange filing states that the booking volume of 8.99 million square feet beat the previous record of 8.17 million square feet set by GPL in Q4 FY24 to become the highest quarterly volume ever sold by any listed developer in India.
