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Godrej Properties reported an impressive 208.68% growth in net consolidated profit, amounting to Rs 133.69 crore in Q1 FY24. The company's total revenue also surged by 196.90% to Rs 1,265.98 crore during the same period. With a robust launch pipeline and resilient demand, they aim to achieve a booking target of Rs 14,000 crore in FY24. Despite a slow start in bookings, the company witnessed a strong performance in deliveries, cash collections, and earnings. Additionally, they granted stock to eligible employees and appointed a new non-executive director.
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Godrej Properties has achieved an impressive 208.68% growth in its net consolidated profit during Q1 FY24, which concluded on June 30, 2023. According to the regulatory filing, its profit after tax stood at Rs 133.69 crore, a significant surge compared to the Rs 43.31 crore registered in the corresponding quarter of the previous fiscal year. The company's net consolidated total revenue also experienced remarkable growth of 196.90%, reaching Rs 1,265.98 crore, up from Rs 426.40 crore recorded in the same quarter last year.
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Its net worth surged to an awe-inspiring Rs 9,389.40 crore as of June 30, 2023. The debt-equity ratio stood at 0.81, while the total debts to total assets ratio was an enviable 0.31. Moreover, the current liability ratio was 1, exuding a sense of financial stability. Despite challenges, the operating margin showed resilience at 6.64% and the net profit margin at 10.17%.
With a robust launch pipeline, a strong balance sheet, and unwavering demand, Godrej Properties remains on track to achieve its bookings target of Rs 14,000 crore in FY24. Additionally, they aim to surpass their highest-ever deliveries and collection performance. In the specified quarter, Godrej Properties provided 36,127 new stocks to eligible employees through the Employee Stock Grant Scheme (ESGS). Furthermore, they allotted 7,654 equity shares upon the exercise of stock grants under the Employee Stock Grant Scheme.
The board of directors demonstrated their commitment to excellence by appointing Jayashree Vaidyanathan as an additional director (non-executive, independent director) for a five-year term from August 2, 2023, to August 2, 2028. Simultaneously, Lalita D. Gupte concluded her role as an independent director of the company on August 2, 2023. The impressive figures continued to validate Godrej Properties' success, with Q1 FY24 witnessing a total booking value of Rs 2,254 crore and the sale of 2.25 million sq. ft. of area. Collections, a key indicator of growth, grew by 26% to Rs 1,954 crore in Q1 FY24, contributing to an astounding net operating cash flow growth of 436% to Rs 118 crore during the same period.
In a display of corporate responsibility, Godrej Projects Development (GPDL), a wholly-owned subsidiary, proactively addressed a quality issue in one of its projects, the Godrej Summit in Gurugram. By engaging external experts for a detailed assessment, they discovered the presence of chloride in the concrete, leading to steel reinforcement corrosion upon contact with water. With the necessary repair and maintenance framework in place, GPDL is confident that the building will perform as intended. As part of their commitment to customer satisfaction, GPDL made an offer to buy back units or provide rentals to all unit holders in the project. The company will account for the buyback upon execution of the relevant documentation with GPDL by the intending customers.
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