Friday, May 3, 2024

Godrej Properties Consolidated Financials For Q4 FY24 Results

 ·         GPL’s best ever quarterly and annual sales - booking value stood at INR 9,519 crore in Q4 FY24, up 135% YoY and 66% QoQ, and grew 84% to INR 22,527 crore for FY24

·         Highest ever quarterly and annual net profit of INR 471 crore in Q4 FY 24 and INR 725 crore for FY24

·         Highest ever quarterly and annual collections with INR 4,693 crore in Q4 FY24 and INR 11,436 crore in FY24

·         Highest ever annual project deliveries with projects aggregating ~12.5 million sq. ft. delivered in FY24

·         Strong year for business development with addition of 10 projects with a total estimated booking value of ~INR 21,225 Crore

Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the fourth quarter ended March 31, 2024.


Sales Highlights

Q4 FY24 was GPL’s highest ever quarterly sales for the third quarter in a row witnessing total booking value of INR 9,519 crore from the sale of 5,331 homes with 8.17 million sq. ft. of area sold. This is the highest ever quarterly sales announced to date by any publicly listed real estate developer in India.

FY24 bookings grew to INR 22,527 crore in FY24, a growth of 84% over the previous best ever year and 61% above the guidance provided at the start of the year. This is the highest ever annual sales announced to date by any publicly listed real estate developer in India. This was achieved through the sale of 14,310 homes with a total area of 20 million sq. ft.

Sales were driven by superlative consumer demand in some key new project launches. Godrej Zenith in NCR achieved a booking value of INR 3,008 crore and Godrej Reserve in MMR achieved a booking value of INR 2,693 crore. Both of these projects were the best ever launches for GPL in the respective markets.

In FY24, 4 projects (including Godrej Aristocrat launched in Q3 and Godrej Tropical Isle launched in Q2) achieved over INR 2,000 crore booking value.

GPL’s bookings in NCR in FY24 grew 180% to INR 10,016 crore and GPL’s bookings in MMR grew 114% to over INR 6,545 crore.

·         Highest ever quarterly sales in MMR with sales of INR 4,022 crore in Q4FY24.

8 new projects/phases were launched during the quarter across 5 cities

Business Development

·         Added 4 new projects with a total estimated saleable area of 11.2 million sq. ft. and total estimated booking value of ~INR 12,800 Crore in Q4 FY23

*Original agreement for sale of land was entered into by GPL in 2014, the deal has been revived recently and GPL now expects to launch the first phase of development on this land in the current financial year.

·         For FY24, added 10 new projects with an estimated revenue potential of ~INR 21,225 crore, 42% above the BD guidance of INR 15,000 Crore of estimated booking value.

Other Highlights

Highest ever cash collections of INR 4,693 crore for Q4FY24 and INR 11,436 crores for FY24 leading to net operating cash flow growth of 16% YoY to INR 2,607 crore in Q4 FY24 and 23% to INR 4,334 crores in FY24.

Delivered ~6 million sq. ft. across 7 cities in Q4 FY24 taking overall deliveries for FY24 to ~12.5 miilion sq. ft.

GPL received 38 awards in Q4 FY24 and a total of 96 awards in FY24.

Commenting on the performance of Q4 FY2024, Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said:

“Godrej Properties delivered a robust and well-rounded performance in FY24 registering its best-ever bookings, cash collections, earnings, and deliveries as well as a strong year for business development. The residential real estate sector in India has been strong over the past three years and we believe the sectoral tailwinds will continue over the next few years. The significant levels of business development we have executed in previous years at favourable terms allowed us to scale our bookings by 84% to INR 22,527 crore in FY24 and become the largest publicly listed real estate developer in India be sales.

In FY25, we hope to grow residential bookings to over INR 27,000 crore through the launch of a large number of exciting new projects combined with strong sustenance sales. This combined with strong project deliveries should allow us to maintain rapid growth in operating cash flows as well. With a robust launch pipeline, strong balance sheet, and sectoral tailwinds, we are confident of an outstanding FY25.”

Financial Overview (Consolidated)

Q4 FY24 performance overview compared with Q4 FY23

·         Total Income grew by 1% to INR 1,952 crore as compared to INR 1,930 crore

·         EBITDA grew by 3% to INR 649 crore as compared to INR 630 crore

·         Net Profit grew by 14% to INR 471 crore as compared to INR 412 crore

·         EPS# amounted to INR 16.95 as compared to INR 14.82

#not annualised

FY24 performance overview compared with FY23

·         Total Income grew by 45% to INR 4,362 crore as compared to INR 2,998 crore

·         EBITDA grew by 20% to INR 1,197 crore as compared to INR 994 crore

·         Net Profit grew by 27% to INR 725 crore as compared to INR 571 crore

·         EPS amounted to INR 26.09 as compared to INR 20.55

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 127-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.

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