Godrej Properties Q3 PAT jumps 51% YoY to Rs 59 cr

The realtor's consolidated net profit jumped 51% to Rs 59 crore in Q3 FY23 compared with Rs 39 crore in Q3 FY22.

The company's revenue from operations declined 29.61% to Rs 196.23 crore as against Rs 278.76 crore in Q3 FY22. Profit before tax jumped 49% to Rs 101.32 crore during the quarter as against Rs 67.97 crore in corresponding quarter last year.

EBITDA rose 33% to Rs 153 crore in Q3 FY23 compared with Rs 115 crore in Q3 FY22. EBITDA margin stood at 41.87% as on 31 December 2023 as against 28.82% as on 31 December 2022.

Total expense declined 13.55% to Rs 286.16 crore in Q3 FY23 as against Rs 331 crore in Q3 FY22. Cost of material consumed stood at Rs 2,757.36 crore (up 429.74% YoY) and employee benefit expense was at Rs 36.08 crore (up 89.6% YoY).

On the operational front, total booking value surged 111% to Rs 3,252 crore in Q3 FY23 as compared with Rs 1,541 crore posted in Q3 FY22. Total booking volume surged 99% to 4.42 million sq. ft. in Q3 FY23 as compared to 2.22 million sq. ft. in Q3 FY22.

The company said for the financial year to date, it added 15 new projects with an estimated revenue potential of Rs 27,500 crore against guidance of Rs 15,000 crore for full year FY23.

The company said that it has added 9 new projects in NCR, MMR, and Pune with an estimated booking value of Rs 23,050 crore.

Pirojsha Godrej, executive chairman, Godrej Properties, said, The two highlights in the third quarter were that GPL registered its best ever quarter for both sales bookings and business development. This leaves us well positioned to surpass our FY23 bookings guidance of 10,000 crore and to sharply grow on this base in the years ahead.

Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 December 2022. The company currently operates in various cities and focuses on residential, commercial, and township development

The scrip rose 0.02% to Rs 1155.60 on the BSE.

Powered by Capital Market - Live News