Godrej Properties sees a 15% rise in FY24 bookings value after the Q4 profit jump.

Godrej Properties Ltd, an Indian real estate developer, reported a 58.2% jump in fourth-quarter profit on Wednesday and said it expects to increase its value of bookings by 15% for fiscal 2024. Solid sales and robust housing demand boosted the company’s consolidated net profit to 4.12 billion rupees ($50.34 million), up from 2.60 billion rupees a year earlier. The company, owned by the Godrej Group, expects to book 140 billion rupees for the current fiscal, beating its forecast and higher than the 123.32 billion rupees it secured in fiscal 2023. Other realty firms like Sobha Ltd and Microtech Developers Ltd also recorded record sales and strong project launches for the quarter and the fiscal year, as housing demand remained resilient. However, a 250-basis points rise in lending rates for the entire year. Anarock, a real estate consulting firm, said in a note that sales in the country’s top seven cities grew 14% year-on-year during the three months ended March 31 due to a rising desire for home ownership. The industry, hit by successive waves of COVID-19 over the last three years, could benefit from a pause in the rate hike cycle. Godrej Properties said its revenue for the quarter grew 23.7% to 16.46 billion rupees and added it would raise to 20 billion rupees via debt. Shares of Godrej Properties rose 2% immediately after reporting results but have since been flat. The stock is up 8.7% this year at current levels. ($1 = 81.8430 Indian rupees)