Godrej Properties Q2 Net Profit at Rs 67 cr Bookings up at Rs 5,034 cr, Total Income at Rs 571 cr

Mumbai, November 02, 2023: Godrej Properties Limited (GPL), announced its financial results for the second quarter ended September 30, 2023.

CORPORATE HIGHLIGHTS: 

Sales Highlights

• 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 

Business Development

• 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.

Other Highlights

• 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, 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.” 

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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 

^#not annualised

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 

^#not annualised