Adi Godrej-led Godrej Properties reported a 14% year-on-year increase in its consolidated net profit to ₹471 crore for the March quarter of FY24, as against ₹412 crore in the corresponding period of the previous year. The company’s revenue, however, declined to ₹1,426 crore during the quarter under review, down by 13% YoY, against ₹1,646 crore in the same period last year. Segment-wise, the revenue from the real estate sector stood at ₹1,402.42 crore, whereas that from hospitality stood at ₹23.67 crore.

Notably, the real estate major says that Godrej Properties clocked the highest-ever quarterly sales for the third quarter in a row-booking value stood at ₹9,519 crore, witnessing a year-on-year growth of 135%, from the sale of 8.17 million sq ft of area. “This is the highest ever quarterly sales announced by a listed developer in India to date,” says the real estate company.

Meanwhile, the company’s adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) in the March quarter of FY24 declined by 2% at 40.99% as against 46.02% in the corresponding period of FY23.

In the March quarter, Godrej Properties' total collection witnessed a growth of 23% YoY at ₹4,693 crore. The real estate major’s net operating cashflow stood at ₹2,607 crore during the March quarter of FY24, witnessing a growth of 16%.

“Godrej Zenith, Gurugram was GPL’s most successful ever launch achieving a booking value of INR 3,008 crores from 2.08 million sq. ft. of area sold. Godrej Reserve, Mumbai was GPL’s most successful launch in MMR achieving a booking value of INR 2,693 crores from 1.51 million sq. ft. of area sold. 8 new project and phase launches during the quarter across 5 cities,” says the company.

Following this, the share price of Godrej Properties closed 1.31% higher at ₹2,566.10. The stock surged 2.03% to hit an intraday high of ₹2,584.95. In contrast to this, the broader BSE Sensex closed 732.96 points or 0.98% lower at 73,878.15. The company’s market capitalisation stood at ₹71,348.22 crore with 81,206 shares exchanging hands on the BSE, as against the two-week average of 0.22 lakh shares.

Godrej Properties announced the quarterly results days after the Godrej family amicably announced the split of the 127-year-old conglomerate into two groups earlier this week. Godrej Industries Group (GIG) comprising of the listed companies—Godrej Industries, Godrej Consumer Products, Godrej Properties, Godrej Agrovet and Astec Lifesciences—will be controlled by Adi Godrej, his brother Nadir Godrej and their immediate families. Nadir Godrej will serve as the chairperson of the group, whereas Pirojsha Godrej will be the executive vice chairperson of GIG. Pirojsha will succeed Nadir as the chairperson in August 2026.

Meanwhile, Godrej Enterprises Group (GEG) comprising of Godrej & Boyce and its affiliates will now be controlled by Jamshyd Godrej, chairman and managing director and Nyrika Holkar, executive director and their families. Godrej Enterprises has a presence across aerospace, aviation, defence, engines and motors, energy, security, building materials, construction, and green building consulting amongst others.

Both entities have signed a non-compete agreement for the next six years and will continue to use Godrej as the brand name. The groups can enter into other's areas of business with a different brand name only after six years. Notably, the two factions will continue their cooperation for the development of the 3,400-acre land parcel in Vikhroli, Mumbai.

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