| Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the second quarter ended September 30, 2024.
CORPORATE HIGHLIGHTS:
Godrej Properties delivers its highest ever Q2 and H1 bookings
- Booking value in Q2FY25 grew 3% YoY to INR 5,198 crore from sale the of 5.15 million sq. ft. of area
- Booking value in H1FY25 grew 90% to INR 13,835 crores
- Booking volumes in H1FY25 grew 89% to 14.14 million sq. ft. of area
- This is the highest ever Q2 and H1 booking value achieved by Godrej Properties
- GPL has achieved 51% of its annual guidance for booking value for FY25. In the past 5 financial years, GPL has averaged 37% of its full-year bookings in the first half of the financial year
- Strong demand seen in some key new project launches like Godrej Vrikshya in NCR, which delivered a booking value of INR 1,493 crore and Godrej Woodside Estate in MMR, a plotted development project, which delivered a booking value of INR 610 crore
- GPL’s bookings in NCR, Bengaluru & MMR in H1 FY25 grew 70% to INR 5,424 crore, 212% to INR 3,889 crore and 114% to INR 3,113 crore respectively
- 7 new project and phase launches during the quarter across 4 cities
Highest ever Q2 & H1 Collections and Operational cash flow
- Collection stood at INR 4,005 Crore for Q2 FY25, a YoY growth of 68% and INR 7,017 crore for H1FY25, a YoY growth of 62%
- Operational cash flow stood at INR 1,834 crore for Q2 FY25, a YoY growth of 126% and INR 2,822 crore for H1FY25, a YoY growth of 204%
- This is the highest ever Q2 and H1 collections and operational cash flow achieved by Godrej Properties
Strong year for business development so far
GPL has added 10 new projects in year-to-date FY25 with a total estimated saleable area of approximately 13.9 million sq. ft. and total estimated booking value potential of ~INR 17,450 Crore. This included 6 new projects with an expected booking value of INR 9,650 Crore in Q2 and 2 new projects with an expected booking value of INR 4,800 crores post-Q2. GPL has achieved 87% of its annual guidance for business development.
Other Highlights
- Delivered projects aggregating ~6.6 million sq. ft. across 3 cities in Q2FY25 taking the year-to-date total to ~9.3 million sq. ft. This is the highest Q2 and H1 deliveries for Godrej Properties Limited
- GPL received 44 awards in Q2 FY25 including the following:-
1. Won “Builder of the Year – Large Category” from Construction Times – BAM Awards, 2024
2. Recognized as “Value creator of the year” – Real Estate sector from Hurun India’s Most Respected Real Estate Leaders conclave and Awards,2024
3. Won “India’s Top Builder” from Construction World Architect & Builder (CWAB Awards), 2024
4. Mr. Gaurav Pandey, MD & CEO, Godrej Properties Limited, was recognized with the ‘Pride of India’ award by Construction Week Awards 2024.
Commenting on the performance of Q2 FY2025, Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said:
“Godrej Properties delivered a robust quarter with its highest ever Q2 and H1 bookings, collections, operating cashflows, and deliveries. With bookings growth of 56% in FY23, 84% in FY24 and 90% in H1 FY25, GPL has reset its scale. The benefit of this is clearly visible in our cash flows with collections growth of 68% and operating cash flow growth of 125% in Q2. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to significantly surpass our bookings target of INR 27,000 cores in FY25 while also achieving our highest ever deliveries and collections.
The sectoral tailwinds for the residential real estate sector in India will continue over the next few years and we remain focused on building scale through continued market share gains and margin expansion.”
Financial Overview (Consolidated)
Q2 FY25 performance overview compared with Q2 FY24
· Total Income grew by 135% to INR 1,343 crore as compared to INR 571 crore
· EBITDA grew by 69% to INR 282 crore as compared to INR 167 crore
· Net Profit grew by 402% to INR 335 crore as compared to INR 67 crore
· EPS# amounted to INR 12.06 as compared to INR 2.40
#not annualised
H1 FY25 performance overview compared with H1 FY24
· Total Income grew by 58% to INR 2,981 crore as compared to INR 1,886 crore
· EBITDA grew by 167% to INR 1,056 crore as compared to INR 396 crore
· Net Profit grew by 345% to INR 855 crore as compared to INR 192 crore
· EPS# amounted to INR 30.76 as compared to INR 6.90
#not annualised
