Godrej Properties records sales bookings of Rs 5,034 cr in Q2 FY24

November 3, 2023: Godrej Properties (GPL) announced its financial results for the second quarter that ended September 30, 2023. Q2 FY24 was the company’s highest ever quarterly sales with the total booking value being Rs 5,034 crore with 5.24 million sqft (msf) sold during the quarter. Seven new projects/phases were launched during the quarter. 

The total income grew by 75% to Rs 571 crore in Q2FY24 as compared to Rs 327 crore in Q2FY23. The EBITDA grew by 76% to Rs 167 crore in Q2FY24 as compared to Rs 94 crore in Q2FY23.  The net profit in Q2FY24 grew by 22% to Rs 67 crore as compared to Rs 55 crore in Q2FY23.  The company’s total income grew by 169% to Rs 1,886 crore in H1 FY24 as compared to Rs 702 crore in H1 FY23. 

The company added one new plotted development project in Nagpur with an estimated booking value of Rs 725 crore. This is in addition to two group housing projects with an estimated value of Rs 3,100 crore announced in July and mentioned in Q1 quarterly update.

Pirojsha Godrej, executive chairperson, Godrej Properties, said, “The residential real estate sector in India has been very strong and resilient over the past two 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 over the past several years provides us the opportunity to maximize the growth opportunities available in the market and our topmost priority is bringing these projects to market in the upcoming quarters.

We saw strong demand for our new launches this quarter and we are delighted with the response to our project, Godrej Tropical Isle in Noida which received bookings of more than Rs 2,000 crore within the quarter making it GPL’s most successful ever launch. We remain on-track to exceed our bookings target of Rs 14,000 crore in FY24 and are confident of also delivering our best ever cash collections and project deliveries.”