• Bookings grew by 109% to INR 5,034 crore
• Total Income grew by 75% to INR 571 crore and net profit grew by 22% to INR 67 crores.
• Added 3 new project with a total estimated booking value of ~INR 3,825 Crore
• Projects aggregating ~1.55 million sq. ft. delivered in Q2 FY24
Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the second quarter ended September 30, 2023.
• Q2 FY24 was GPL’s highest ever quarterly sales witnessing total booking value of INR 5,034 crore with 5.24 million sq. ft. of area sold during the quarter.
• Godrej Tropical Isle, Noida was GPL’s most successful ever launch achieving a booking value of INR 2,016 crores from 1.51 million sq. ft. of area sold
• Godrej Parkland Estate, Kurukshetra was GPL’s most successful plotted launch achieving a booking value of INR 628 crores from 1.39 million sq. ft. of area sold.
• 7 new projects/phases were launched during the quarter
• Added 1 new plotted development project in Nagpur with an estimated booking value of INR 725 crore. This is in addition to two group housing projects with an estimated value of INR 3,100 crore announced in July and mentioned in Q1 quarterly update.
• Collections grew by 23% to INR 2,378 crore in Q2 FY24, leading to net operating cash flow of INR 811 crore in Q2 FY24
• Delivered ~1.55 million sq. ft. across 2 markets in Q2 FY24
• GPL received 37 awards in Q2 FY24
Commenting on the performance of Q2 FY2024, Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said:
“The residential real estate sector in India has been very strong and resilient over the past two years and we believe the real estate cycle will continue to strengthen over the next few years. The significant levels of business development we have executed over the past several years provides us the opportunity to maximize the growth opportunities available in the market and our topmost priority is bringing these projects to market in the upcoming quarters.
We saw strong demand for our new launches this quarter and we are delighted with the response to our project, Godrej Tropical Isle in Noida which received bookings of more than INR 2,000 crores within the quarter making it GPL’s most successful ever launch. We remain on-track to exceed our bookings target of INR 14,000 crore in FY24 and are confident of also delivering our best ever cash collections and project deliveries.”
Financial Overview (Consolidated)
Q2 FY24 performance overview compared with Q2 FY23
• Total Income grew by 75% to INR 571 crore as compared to INR 327 crore
• EBITDA grew by 76% to INR 167 crore as compared to INR 94 crore
• Net Profit grew by 22% to INR 67 crore as compared to INR 55 crore
• EPS# amounted to INR 2.40 as compared to INR 1.98
H1 FY24 performance overview compared with H1 FY23
• Total Income grew by 169% to INR 1,886 crore as compared to INR 702 crore
• EBITDA grew by 88% to INR 396 crore as compared to INR 210 crore
• Net Profit grew by 91% to INR 192 crore as compared to INR 101 crore
• EPS# amounted to INR 6.90 as compared to INR 3.62
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 400 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.