Godrej Properties Q4 profit rises 14% to ₹471.26 crore; sees increase in housing demand
Upstox
2 min read • Updated: May 3, 2024, 3:01 PM
Summary
Godrej Properties witnessed a 14% rise in its consolidated net profit for the quarter ending March 2024, reaching ₹471.26 crore. This positive trend continued throughout the entire fiscal year, with Godrej Properties recording a net profit of ₹725.27 crore and a total income of ₹4,334.22 crore, marking a significant rise from the previous year.
Realty firm Godrej Properties on Friday reported a 14% increase in its consolidated net profit to ₹471.26 crore for the quarter ended March on higher income amid strong housing demand.
Its net profit stood at ₹412.14 crore in the year-ago period. Total income rose to ₹1,914.82 crore in the fourth quarter of last fiscal from ₹1,838.82 crore in the corresponding period of the previous year, the company informed in a regulatory filing.
During the 2023-24 fiscal, the company's net profit increased to ₹725.27 crore from ₹571.39 crore in the preceding year. Total income rose to ₹4,334.22 crore last fiscal year from ₹3,039 crore in the 2022-23 financial year.
Godrej Properties Ltd slipped 4.4% to hit the day’s low of ₹2,531.35 apiece on the NSE on 2 May 2024. Godrej Agrovet, which had earlier jumped as much as 6% in the opening session, later trimmed gains to trade just 1.6% higher at ₹552.65 apiece.
On April 30, the founding family of the Godrej Group announced that it had reached an agreement to split the conglomerate into two branches. The operations will be divided into two distinct entities – Godrej Enterprises and Godrej Industries.
Also read: Godrej family splits 127-year-old business giant: Who gets what
About Godrej Properties:
Established in 1990, Godrej Properties is the first real estate company to have ISO certification. The company is currently developing landmark projects in 12 cities across India covering over 18.58 million square metres.
At 2:49 PM, shares of Godrej Properties traded 0.68% higher at ₹2,550 on NSE on 3 May, 2024.
With inputs from PTI.