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

New Delhi: Godrej Properties’ net profit jumped 51 percent to Rs 59 crore in Q3 FY23 compared with Rs 39 crore in Q3 FY22. The company's revenue from operations declined 29.61 percent to Rs 196 crore as against Rs 279 crore in Q3 FY22. Profit before tax jumped 49 percent to Rs 101 crore during the quarter as against Rs 68 crore in corresponding quarter last year.

EBITDA rose 33 percent to Rs 153 crore in Q3 FY23 compared with Rs 115 crore in Q3 FY22. EBITDA margin stood at 42 percent as on 31 December 2023 as against 29 crore as on 31 December 2022.

Total expense declined 13.55 percent 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).

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