Godrej Properties Posts Best-Ever Year: FY24 Bookings Jump 84% to Rs 22,527 Crore

Summary: Godrej Properties, the real estate development arm of the Godrej Group, recorded its best-ever quarterly and annual performance in terms of sales bookings, net profit, collections, project deliveries and business development for the period ending March 2024. Booking value rose 84% on year to Rs 22,527 crore for the financial year 2023-24 — the highest ever quarterly and annual sales clocked to date by any listed property developer in India.

The record results

The company's net profit for the March quarter rose 14% on year to Rs 471 crore and to Rs 725 crore for the financial year 2023-24. The March quarter was the company's highest-ever quarterly sales for the third consecutive quarter, with the sale of 5,331 homes covering 8.17 million sq ft of area.

The developer's booking value in the March quarter grew 135% on year to Rs 9,519 crore and rose 84% to Rs 22,527 crore for the financial year. During the year it sold 14,310 homes with a total area of 20 million sq ft, led by key new project launches.

Guidance beaten by a wide margin

The bookings recorded during the year surpassed the company's guidance provided at the beginning of the year by 61%. In 2023-24, four projects achieved over Rs 2,000 crore of booking value each. For 2024-25, Godrej expects to grow residential bookings to over Rs 27,000 crore through the launch of a large number of new projects combined with strong sustenance sales.

"Godrej Properties delivered a robust and well-rounded performance in FY24 registering its best-ever bookings, cash collections, earnings, and deliveries as well as a strong year for business development. The residential real estate sector in India has been strong over the past three years and we believe the sectoral tailwinds will continue over the next few years," said Pirojsha Godrej (Pirojsha Godrej), executive chairperson, Godrej Properties.

FY24 scorecard

Booking value: Rs 22,527 crore, up 84% on year; Q4 alone Rs 9,519 crore, up 135%.
Homes sold: 14,310 units across 20 million sq ft for the full year.
Net profit: Rs 725 crore for FY24; Rs 471 crore in the March quarter, up 14%.
Guidance: full-year bookings beat the company's own target by 61%.
FY25 outlook: residential bookings of over Rs 27,000 crore expected.

What the record means

The FY24 result places Godrej Properties at the top of India's listed developer league on both a quarterly and an annual basis — a first for any listed property developer in the country on the sales metric. The structure of the result matters as much as its size: bookings growth of 84% was led by key new project launches, meaning the pipeline rather than discounting carried the year, and four individual projects crossed Rs 2,000 crore in booking value. The executive chairperson's framing ties the company's run to a three-year sector upswing that management expects to persist over the next few years, with the FY25 guidance of over Rs 27,000 crore implying a further roughly 20% expansion on the record base, driven by a large number of new launches combined with sustenance sales from the existing portfolio.

Contact

Godrej Properties Ltd, Mumbai, India. Media and investor relations enquiries are handled through the corporate website https://www.godrejproperties.com.