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May, 27

Godrej Properties June quarter net profit soars; delayed launches hit bookings

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Godrej Properties reported a consolidated net profit of Rs 125 crore in the June quarter, up 174 per cent on year, while revenue from operations was up 3.8 times from year ago at Rs 936 crore.

The profit-and-loss account looked good with 49 lakh sq ft of residences delivered, but bookings during the quarter fell 11 per cent on year and 44 per cent sequentially at Rs 2,254 crore, with some planned launches delayed. It registered 22.5 lakh sq ft sales in the reporting quarter, down a fifth on year.

The company said it expected an improvement in momentum in the second quarter of FY24, and that it was on track to meet its full-year guidance of Rs 15,000 crore. Collections, however, rose by over a fourth to Rs 1,954 crore.

A bulk of the bookings were in the Mumbai Metropolitan Region, National Capital Region, and Bengaluru.

It added four new projects in during April to July, with saleable area of 37 lakh sq ft and booking value of Rs 6,450 crore. There was one launch in Kolkata and three launches in Gurugram.

In the current fiscal year it plans to launch projects aggregating nearly 2 crore sq ft.

One of its projects in Gurugram, which was completed in phases in 2017 and 2018, was assessed for quality issues by an external expert and the concrete used was found contaminated with chloride, which would lead to corrosion of the steel reinforcement.

The company said it would undertake repairs of the building and set aside Rs 155 crore towards this as well as customer claims. It said it can claim against the contractors who constructed the building.

Meanwhile, it made an offer to customers to buy back their units or provide rentals.

Sequentially the net profit was down 70 per cent and revenue down 43 per cent.





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