Godrej Properties has reported a growth of 208.68% in its net consolidated profit during the quarter ended June 30, 2023. Its profit after tax stood at Rs 133.69 crore in Q1 FY24 as against Rs 43.31 crore it registered in the corresponding quarter of the previous fiscal, the company said in the regulatory filing.
The company’s net consolidated total revenue stood at Rs 1,265.98 crore, a growth of 196.90 per cent from Rs 426.40 crore it recorded in the similar quarter last year.
As on June 30, 2023, the company’s net worth stood at Rs 9,389.40 crore, debt-equity ratio was 0.81, total debts to total assets was 0.31, current liability ratio was 1, operating margin was (6.64%) and net profit margin was 10.17%.
Pirojsha Godrej, executive chairperson of the company said, “While it was a muted start to the year from a bookings perspective, Godrej Properties saw strong traction in deliveries, business development, cash collections, and earnings in Q1 FY24. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to achieve our bookings target of Rs 14,000 crore in FY24 while also achieving our highest ever deliveries and collections performance.”
During the quarter ended June 30, 2023, the company has granted 36,127 new stock to eligible employees under the Employee Stock Grant Scheme (ESGS). Further, during the quarter ended June 30, 2023, the company has allotted 7,654 equity shares upon exercise of stock grants under the Employee Stock Grant Scheme.
The board of directors have appointed Jayashree Vaidyanathan as an additional director (non-executive, independent director) for a period of five years from August 02, 2023 to August 02, 2028. Lalita D. Gupte ceased to be an independent director of the company from August 2, 2023.
Q1 FY24 witnessed total booking value of Rs 2,254 crore with 2.25 million sq. ft. of area sold during the quarter while the collections grew by 26% to Rs 1,954 crore in Q1 FY24, leading to net operating cash flow growth of 436% to Rs 118 crore in Q1 FY24.