Godrej Properties, the real estate arm of Godrej Industries, is looking forward at launching around 18 projects in the current fiscal, higher than the number of projects it launched in 2018-19. In the previous fiscal, the realtor had recorded its highest ever sales in a financial year.
"Booking value of Rs 5,316 crore is likely to be the highest booking value achieved by any publicly listed real estate developer in India in FY2019," the Mumbai-based realtor announced during its earnings result.
In each of the four key markets of Mumbai, National Capital Region, Pune and Bengaluru, the total number of bookings "was also well distributed with launches contributing to over Rs 3,000 crore and around Rs 2,000 crore in the existing inventories. We are happy with the progress during the quarter as well as in the financial year on the bookings front," said Pirojsha Godrej, executive chairman, Godrej Properties Ltd.
In order to maintain the momentum, the company said it will be adding more new projects into its portfolio. During FY2019, 16 new projects were launched of which five were during the fourth quarter, which included a mix of new projects as well as new phases in the existing projects.
"We have a series of launches planned, some of which are currently underway. In each of our focus markets, we would like to have at least one new project launched in each of the quarter. We expect to further scale up business development and sales momentum in FY2020," added Godrej.
On the financial parameter, the total income of the company grew 159.50% year-on-year from Rs 533.09 crore in Q4 FY2018 to Rs 1,203.21 crore for the quarter ending March 31, 2019.
The company's net profit zoomed 294.71% in the fourth quarter to Rs 156.70 crore from Rs 39.70 crore during the corresponding quarter last year. In FY2019, the net profit increased 200.73% to Rs 252.92 crore from Rs 84.10 crore.
Despite reporting a massive rise in profit, the share price of Godrej Properties dropped 3.20% or by Rs 27.45 per share on Tuesday to close at Rs 829.70 on BSE.
Clarifying about the reports on Godrej Properties in talks to acquire a stake in Indiabulls Group, Godrej replied, "Company is at consolidation mode at the project level. In this industry, the larger opportunity is to partner with developers for their individual projects. As of now, we have no plans to acquire any real estate businesses."
Building Up Value
- Rs 5,316cr Booking value registered by company in FY19
- 295% surge in fourth quarter net profit to Rs 156.70 crore
- 159.50% jump in total income in Q4 to Rs 533.09 crore
