Godrej Properties, real estate arm of Godrej Industries, on Monday reported 6 per cent rise in consolidated net profit at Rs 267 crore for the financial year ended March 31, 2020 (FY20), compared to Rs 253 crore in the previous year.
Consolidated total income declined 13 per cent to Rs 2,829 crore in FY20 as against Rs 3,236 crore in FY19, Godrej Properties said in a filing to the Bombay Stock Exchange.
The operating profit or EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) grew by 23 per cent to Rs 733 crore versus Rs 597 crore in FY19.
For the fourth quarter ended March 31, 2020, Godrej Properties posted a 35 per cent dip in its consolidated net profit at Rs 101.08 crore due to higher expenditure. Its net profit stood at Rs 156.66 crore in the year-ago period.
Total income, however, increased by 5 per cent to Rs 1,288.17 crore in the fourth quarter of FY20 from Rs 1,203.21 crore in the previous year.
On operational front, Godrej Properties' total sales bookings stood at Rs 5,915 crore and 8.80 million sq ft during the last fiscal year. In 2018-19, the sales bookings stood at Rs 5,316 crore and 8.76 million sq ft.
The company said this is its highest ever sales bookings in a financial year.
"The booking value of Rs 5,915 crore is likely to be the highest booking value achieved by any publicly listed real estate developer in India in FY20," Godrej Properties said.
During the last fiscal, the company added 10 new projects with saleable area of around 19 million sq. ft. in FY20.
Commenting on earnings, Pirojsha Godrej, Executive Chairman, Godrej Properties, said: "While the real estate sector is likely to be significantly impacted for the next few months, we believe there will be continued opportunities for credible developers with strong brands as the process of consolidation that has been underway in the sector gathers pace."
In Q4, Godrej Properties posted its best ever quarterly performance in terms of the value of real estate sold. While the start of FY21 may be muted, our strong project pipeline and healthy balance sheet will help maintain sales momentum in FY21, he added.
In a separate development, the board of Godrej Properties approved raising of funds not exceeding Rs 1,000 crore by debt securities on private placement basis, in one or more tranches. The board also authorised a committee of directors to determine and approve the quantum, timing and terms and conditions of the NCDs, subordinate debentures, bonds and/or other debt securities.