Profit before tax soared 153.98% to Rs 192.92 crore during the quarter as against Rs 75.96 crore in corresponding quarter last year.

EBITDA grew 98% to Rs 230 crore in Q1 FY24 as compared with Rs 116 crore in Q1 FY23. EBITDA margin stood at 17.5% as on 30 June 2023 as against 30.9% as on 30 June 2022.

During the quarter, collections grew by 26% YoY to Rs 1,954 crore, leading to net operating cash flow growth of 436% YoY to Rs 118 crore.

On the operational front, total booking value decreased by 11% to Rs 2,254 crore in Q1 FY24 as compared with Rs 2,520 crore posted in Q1 FY23. Total booking volume slipped 20% to 2.25 million sq. ft. in Q1 FY24 as compared to 2.83 million sq. ft. in Q1 FY23.

The company said for the financial year to date, it added 4 new projects with an estimated saleable area of around 3.7 million sq. ft. and total estimated booking value of approximately Rs 6,450 crore in April-July 2023.

Pirojsha Godrej, executive chairperson, Godrej Properties, said, “While it was a muted start to the year from a bookings perspective, Godrej Properties saw strong traction in deliveries, business development, cash collections, and earnings in Q1 FY24. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to achieve our bookings target of Rs 14,000 crore in FY24 while also achieving our highest ever deliveries and collections performance.”

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 30 June 2023. The company currently operates in various cities and focuses on residential, commercial, and township development.

The scrip slipped 2.46% to Rs 1,650.25 on the BSE.