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Godrej Properties FY17 net profit up 30%, Q4 net at Rs 63 cr

Q4 FY17 Net Profit at INR 63 crore
FY17 Net Profit increased 30% YoY to INR 207 crore
Sold more than 1 million sq. ft. with a booking value in excess of INR 560 Cr at Godrej Golf Links in Greater Noida in FY17
Delivered 4.55 million sq. ft. across 4 cities in FY17

Mumbai, May 04 2017: Godrej Properties Limited (GPL), one of India’s leading real estate developers, announced its financial results for the fourth quarter and year ended March 31, 2017.

CORPORATE HIGHLIGHTS:

Business Development

Added 3 new projects with 3.5 million sq. ft. of saleable area in Q4 FY17

Bellary Road, North Bengaluru

Entered into a partnership to develop a residential group housing project spread over ~7.5 acres at Bellary road (NH-7), North Bengaluru
GPL’s 12^th project in Bengaluru with 0.8 million sq. ft. of saleable area
Located in a premium residential area, with close proximity to the commercial and industrial catchment areas of Hebbal, Yeshwantpur, and Devanahalli

Kandivali, Mumbai

Entered into a development management agreement to develop a residential group housing project
GPL’s 18^th project in Mumbai with 1 million sq. ft. of saleable area

Godrej 24, Pune

GPL’s 7^th project in Pune with 1.7 million sq. ft. of saleable area on ~15 acres of land
Located in Hinjawadi IT park, Phase 1 with excellent connectivity to the Mumbai-Pune Expressway
Project will be developed in partnership with Godrej Residential Investment Program II (GRIP II), the US$ 275 million fund which was announced in March 2016

Sales Highlights

FY2017 witnessed total booking value of INR 2,020 crore and total booking volume of 3,109,240 sq. ft.
Residential projects recorded booking value of INR 1,784 crore and booking volume of 2,999,341 sq. ft. in FY17
Commercial projects recorded booking value of INR 237 crore and booking volume of 109,899 sq. ft. in FY17
Q4 FY2017 witnessed total booking value of INR 340 crore and total booking volume of 589,169 sq. ft.

Construction Highlights

Delivered 4.55 million sq. ft. across four cities in FY17
Delivered 1,156 apartments measuring 1.75 million sq. ft. across 3 cities in Q4 FY17
- Delivered 0.88 million sq. ft. at Godrej Garden City, Ahmedabad
- Delivered 0.55 million sq. ft. at Godrej Platinum, Bengaluru
- Delivered 0.32 million sq. ft. at Godrej E-City, Bengaluru
Attained revenue recognition threshold at The Trees, Phase 2 in Q4 FY17 ahead of schedule

Other Highlights

27 awards received in Q4 FY17
Godrej Horizon received IGBC Gold certification

Commenting on the performance of Q4 FY2017, Mr. Pirojsha Godrej, Executive Chairman Godrej Properties Limited, said:

“FY17 has been a strong year for business development as we added 7 new projects with a saleable area of 18 million sq. ft. We entered the Noida market and sold more than 1 million sq. ft. despite weak market conditions. We have started FY18 well and sold over 1,000 apartments with successful launches across Mumbai, Pune and NCR. We look forward to building on this momentum in the year ahead.”

Financial Overview (Consolidated)

Q4 FY2017 performance overview compared with Q4 FY2016