Godrej Properties Limited (GPL) Announced Its Financial Results For The Q3 Ended December 31, 2022

Update for Q3 FY23 Results

·         GPL’s highest ever quarterly sales – Q3 booking value grew by 111% YoY to INR 3,252 crore and 9M FY23 bookings grew by 77% YoY to INR 8,181 crore

·         GPL’s best ever quarter for business development – 9 new projects with an estimated future booking value of 23,050 crore added during the quarter

·         Net Profit grew by 51% to INR 59 crore in Q3 FY23

Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the third quarter ended December 31, 2022.

CORPORATE HIGHLIGHTS:

Sales Highlights

·         Q3 FY23 witnessed total booking value of INR 3,252 crore and total booking volume of 4.42 million sq. ft.

·         4 new phase launches during the quarter

Other Highlights

·         27 awards and recognitions received in Q3 FY23

·         Credit Rating for Commercial Paper (CP) limits enhanced to INR 1,750 crore from INR 1,500 crore by ICRA and CRISIL. Ratings have been reaffirmed/assigned at [ICRA]A1+ and CRISIL A1+ respectively

Commenting on the  performance of Q3 FY2023, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said:

“Residential real estate demand in India has remained strong and we believe the cyclical upturn in the sector will gain further momentum in the years ahead providing significant opportunities for leading developers to participate in sectoral growth while also gaining market    share.

The two highlights in the third quarter were that GPL registered its best ever quarter for both sales bookings and business development. This leaves us well positioned to surpass our FY 23 bookings guidance of 10,000 crore and to sharply grow on this base in the years ahead.”

Financial Overview (Consolidated)

Q3 FY2023 performance overview compared with Q3 FY2022

·         Total Income stood at INR 366 crore as compared to INR 399 crore

·         EBITDA stood at INR 153 crore as compared to INR 115 crore

·         Net Profit stood at INR 59 crore as compared to INR 39 crore

·         EPS# amounted to INR 2.11 as compared to INR 1.40

About Godrej Properties Limited:

Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. Each Godrej Properties development combines a 126-year legacy of excellence and trust with a commitment to cutting edge design, technology, and sustainability. In FY 2021, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved.

Godrej Properties has deeply focused on sustainable development. In 2010, GPL committed that all of its developments would be third party certified green buildings. In 2020 and again in 2021 and 2022, the Global Real Estate Sustainability Benchmark ranked GPL #1 globally amongst listed residential developers for its sustainability and governance practices. In 2017, GPL was one of the founding partners of the Sustainable Housing Leadership Consortium (SHLC), whose mission is to spread sustainable development practices across the Indian real estate sector. In recent years, Godrej Properties has received over 300 awards and recognitions, including the Porter Prize 2019, The Most Trusted Real Estate Brand in the 2019 Brand Trust Report, Builder of the Year at the CNBC-Awaaz Real Estate Awards 2019, and The Economic Times Best Real Estate Brand 2018.