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Dailymirror.news,Mumbai, October 24th, 2024: Godrej Properties Limited (GPL), a leading national real estate developer, has announced its financial results for the second quarter ended September 30, 2024.
CORPORATE HIGHLIGHTS:
- Record Bookings: Godrej Properties achieved its highest-ever Q2 and H1 bookings.
- Booking value in Q2 FY25 increased by 3% year-on-year to INR 5,198 crore from the sale of 5.15 million sq. ft.
- Booking value in H1 FY25 surged 90% to INR 13,835 crore.
- Booking volumes in H1 FY25 rose 89% to 14.14 million sq. ft.
- GPL has reached 51% of its annual booking value guidance for FY25, compared to an average of 37% over the past five financial years in the first half.
- Notable demand was observed in new project launches like Godrej Vrikshya in NCR, which generated a booking value of INR 1,493 crore, and Godrej Woodside Estate in MMR, yielding INR 610 crore.
- Bookings in NCR, Bengaluru, and MMR for H1 FY25 increased by 70% to INR 5,424 crore, 212% to INR 3,889 crore, and 114% to INR 3,113 crore, respectively.
- Seven new projects and phases were launched during the quarter across four cities.
Highest Ever Collections and Operational Cash Flow:
- Collections:
- Q2 FY25 collections amounted to INR 4,005 crore, reflecting a 68% year-on-year growth.
- H1 FY25 collections totaled INR 7,017 crore, a 62% increase year-on-year.
- Operational Cash Flow:
- Operational cash flow for Q2 FY25 reached INR 1,834 crore, up 126% year-on-year.
- H1 FY25 operational cash flow stood at INR 2,822 crore, showing a remarkable 204% year-on-year growth.
- These figures represent the highest Q2 and H1 collections and operational cash flows ever recorded by Godrej Properties.
Strong Year for Business Development:
- GPL has added 10 new projects year-to-date in FY25, encompassing approximately 13.9 million sq. ft. of estimated saleable area and a potential booking value of around INR 17,450 crore. This includes six new projects with an anticipated booking value of INR 9,650 crore in Q2 and two projects with a projected booking value of INR 4,800 crore post-Q2. GPL has achieved 87% of its annual business development guidance.
Other Highlights:
- In Q2 FY25, GPL delivered projects totaling approximately 6.6 million sq. ft. across three cities, bringing the year-to-date total to around 9.3 million sq. ft. This is the highest Q2 and H1 delivery performance for Godrej Properties Limited.
- GPL received 44 awards in Q2 FY25, including:
- “Builder of the Year – Large Category” from Construction Times – BAM Awards 2024.
- “Value Creator of the Year” in the Real Estate sector from Hurun India’s Most Respected Real Estate Leaders conclave and Awards 2024.
- “India’s Top Builder” from Construction World Architect & Builder (CWAB Awards) 2024.
- Mr. Gaurav Pandey, MD & CEO of Godrej Properties Limited, was honored with the ‘Pride of India’ award by Construction Week Awards 2024.
Executive Commentary:
Commenting on Q2 FY2025 performance, Mr. Pirojsha Godrej, Executive Chairperson of Godrej Properties Limited, stated:
“Godrej Properties delivered a robust quarter with its highest-ever Q2 and H1 bookings, collections, operating cash flows, and deliveries. With booking growth of 56% in FY23, 84% in FY24, and 90% in H1 FY25, GPL has reset its scale. The benefits are clearly evident in our cash flows, with collection growth of 68% and operating cash flow growth of 125% in Q2. With a strong launch pipeline, solid balance sheet, and resilient demand, we are on track to significantly exceed our booking target of INR 27,000 crore in FY25 while also achieving our highest-ever deliveries and collections.
The favorable conditions for the residential real estate sector in India are expected to continue over the next few years, and we remain focused on building scale through market share gains and margin expansion.”
Financial Overview (Consolidated):
Q2 FY25 Performance Overview Compared to Q2 FY24:
- Total Income grew by 135% to INR 1,343 crore from INR 571 crore.
- EBITDA increased by 69% to INR 282 crore from INR 167 crore.
- Net Profit surged by 402% to INR 335 crore from INR 67 crore.
- EPS amounted to INR 12.06 compared to INR 2.40 (not annualized).
H1 FY25 Performance Overview Compared to H1 FY24:
- Total Income rose by 58% to INR 2,981 crore from INR 1,886 crore.
- EBITDA climbed by 167% to INR 1,056 crore from INR 396 crore.
- Net Profit jumped by 345% to INR 855 crore from INR 192 crore.
- EPS amounted to INR 30.76 compared to INR 6.90
