May 3, 2024: Real estate developer Godrej Properties today announced its financial outcomes for the fourth quarter (Q4 FY24) and financial year (FY24) ending March 31, 2024. The company attained its highest-ever quarterly and annual sales, with a booking value of Rs 9,519 crore in Q4 FY24 from the sale of 5,331 homes with 8.17 million square foot (msf) of area sold, marking a 135% year-on-year (YoY) growth and a 66% quarter-on-quarter (QoQ) surge. Moreover, for the fiscal year FY24, the company witnessed a significant surge in sales, amounting to Rs 22,527 crore, demonstrating an 84% increase over the previous year’s figures. This was achieved through the sale of 14,310 homes with a total area of 20 msf.
Sales were driven by superlative consumer demand in some key new project launches. Godrej Zenith in NCR achieved a booking value of Rs 3,008 crore and Godrej Reserve in MMR achieved a booking value of Rs 2,693 crore. Both of these projects were the best ever launches for Godrej Properties in the respective markets. In FY24, four projects (including Godrej Aristocrat launched in Q3 FY24 and Godrej Tropical Isle launched in Q2 FY24) achieved over Rs 2,000 crore booking value. The company’s bookings in NCR in FY24 grew 180% to Rs 10,016 crore and bookings in MMR grew 114% to over Rs 6,545 crore. It achieved its highest ever quarterly sales in MMR with sales of Rs 4,022 crore in Q4 FY24.
For FY24, Godrej Properties added 10 new projects with an estimated revenue potential of Rs 21,225 crore, 42% above the BD guidance of Rs 15,000 crore of estimated booking value. The company added four new projects with a total estimated saleable area of 11.2 msf and total estimated booking value of Rs 12,800 crore in Q4 FY23.
| Particulars | Estimated Saleable Area (in msf) | Expected Booking Value (Rs cr) | Business Model |
| Rajendra Nagar, Hyderabad | 4.0 | 3,500 | 100% owned group housing development project |
| Sector 44, Noida | 1.4 | 3,000 | 100% owned group housing development project |
| Kokapet, Hyderabad | 1.2 | 1,300 | 100% owned plotted development project |
| Devanhalli, Bengaluru* | 5.6 | 5,000 | Profit share 50%, group housing development project |
| Total | 8.99 | 12,800 |
Godrej properties recorded its highest ever cash collections of Rs 4,693 crore for Q4 FY24 and Rs 11,436 crore for FY24, leading to net operating cash flow growth of 16% YoY to Rs 2,607 crore in Q4 FY24 and 23% to Rs 4,334 crore in FY24. It has delivered around 6 msf across seven cities in Q4 FY24 taking overall deliveries for FY24 to approximately 12.5 msf.
Pirojsha Godrej, Executive Chairperson, Godrej Properties, said, “Godrej Properties delivered a robust and well-rounded performance in FY24 registering its best-ever bookings, cash collections, earnings and deliveries as well as a strong year for business development. The residential real estate sector in India has been strong over the past three years and we believe the sectoral tailwinds will continue over the next few years. The significant levels of business development we have executed in previous years at favourable terms allowed us to scale our bookings by 84% to Rs 22,527 crore in FY24 and become the largest publicly listed real estate developer in India by sales.
“In FY25, we hope to grow residential bookings to over Rs 27,000 crore 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. With a robust launch pipeline, strong balance sheet, and sectoral tailwinds, we are confident of an outstanding FY25,” he added.
Godrej Properties’ total income grew by 1% to Rs 1,952 crore compared to Rs 1,930 crore in Q4 FY23. The EBITDA witnessed a growth of 3% to Rs 649 crore compared to Rs 630 crore in Q4 FY23. The company’s net profit surged by 14% to Rs 471 crore compared to Rs 412 crore in Q4 FY23. The EPS amounted to Rs 16.95 compared to Rs 14.82 in Q4 FY23.
Godrej properties’ total income surged by 45% to Rs 4,362 crore in FY24 compared to RS 2,998 crore in FY23. The EBITDA recorded a growth of 20% to Rs 1,197 crore compared to Rs 994 crore in FY23. The company’s net profit witnessed a significant increase of 27% to Rs 725 crore compared to Rs 571 crore in FY23. The EPS amounted to Rs 26.09 compared to Rs 20.55 in FY23.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
Email: dhwani.meharchandani@housing.com
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