May 4 (Reuters) – Indian real estate developer Godrej Properties reported a 70% rise in fourth-quarter profit on Monday as demand for residential apartments stayed high.
Here are some details:
- The company is one of India’s largest listed residential developers by sales, with a strong presence in key real estate markets including the Mumbai Metropolitan Region (MMR), Pune, Bengaluru and the National Capital Region
- The property maker’s net profit rose to 6.5 billion Indian rupees ($68.46 million)in the quarter ended March 31, from 3.82 billion rupees a year earlier.
- Revenue from operations climbed 63% to 34.58 billion rupees
- Analysts expect growth in the quarter to be driven by a combination of steady real estate volume expansion and pricing gains in the sector
- The company’s increase in market share to further boost growth driven by business development in the recent years and strong product pipeline, analysts added
- Booking value was flat year-on-year at 101.63 billion rupees in the quarter, while expenses increased 45% to 30.2 billion rupees
- Godrej Properties has acquired nearly 20 land parcels, so far this fiscal year to develop housing projects worth 420 billion rupees, CNBC-TV18 reported in March
- “The demand for residential real estate in India remains strong across key markets,” CEO Pirojsha Godrej said, adding that the company aims to grow FY27 bookings to over 390 billion rupees.
($1 = 94.9450 Indian rupees)
Reporting by Devika Nair in Bengaluru
