Earnings Review
Godrej Prop consol PAT rises on strong real estate sales
This story was originally published at 17:13 IST on 4 February 2025
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--Godrej Prop Oct-Dec consol PAT INR 1.63 bln vs INR 622.70 mln year ago
--Godrej Prop Oct-Dec consol revenue INR 9.69 bln vs INR 3.30 bln year ago
--Godrej Prop Apr-Dec consol PAT INR 10.18 bln vs INR 2.54 bln year ago
--Godrej Prop Apr-Dec consol revenue INR 28.01 bln vs INR 16.10 bln yr ago
--Godrej Prop Oct-Dec consol adjusted EBITDA margin 25.26% vs 31.94% yr ago
--Godrej Prop Oct-Dec real estate revenue INR 9.39 bln vs INR 3.13 bln
--Godrej Prop Oct-Dec hospitality revenue INR 303.20 mln vs INR 169.80 mln
--Godrej Prop Oct-Dec booking value INR 54.46 bln, down 5% on year
--Godrej Prop sold 4.07 mln sq ft area in Oct-Dec, down 6% on year
--Godrej Prop: Achieved 71% of annual booking value guidance for FY25
--Godrej Prop Oct-Dec collections INR 30.69 bln, up 27% on year
--Godrej Prop: Launched 7 projects and phases across 4 cities in Oct-Dec
--Godrej Prop Oct-Dec consol EBITDA INR 2.80 bln, up 85% on year
--Godrej Prop: On track to surpass FY25 bookings guidance of INR 270 bln
--Godrej Prop adds 12 projects Apr-Dec; expected booking value INR 234.5 bln
--Godrej Prop net debt INR 38.48 bln on Dec 31 vs INR 75.72 bln on Sept 30
By Akshita Kumar
MUMBAI – Godrej Properties Ltd. Tuesday reported a consolidated net profit of INR 1.63 billion, up 161% on year, as its real estate segment's revenue tripled on year. However, this was the company's slowest growth in three quarters, and missed analysts' expectations of a net profit in the range of INR 2.79 billion to INR 3.40 billion.
Sequentially, the consolidated net profit fell 52%. The company's consolidated revenue for the December quarter was INR 9.69 billion, which was nearly three times the revenue reported a year ago. Sequentially, the top line fell 11%.
The real-estate company's consolidated net profit for the nine months ended December increased fourfold to INR 10.18 billion. The revenue during this period was INR 28.01 billion, up 74% on year.
The company's consolidated adjusted earnings before interest, tax, depreciation, and amortisation margin for the quarter was 25.26%, down 668 basis points on year. It reported a consolidated EBITDA of INR 2.80 billion, up 85% on year.
The company's total expenditure for the quarter more than doubled on year to INR 10.01 billion. This was mainly driven by a 90% increase in its other expenses and over 53% increase in the cost of materials consumed. The company's other expenses for the quarter were INR 3.54 billion and the cost of materials consumed was INR 33.79 billion. Its employee benefit expenses were INR 1.14 billion, up 42% on year.
The company's real estate segment's revenue for the quarter tripled on year to INR 9.39 billion. Its hospitality segment's revenue for the period was INR 303.20 million, up 79% on year. The company's booking value for the December quarter fell 5% on year to INR 54.46 billion from the sale of 4.07 million square feet of area. This is the sixth straight quarter in which the company delivered more than INR 50 billion of booking value, Godrej Properties said.
The company has achieved 71% of its annual guidance for booking value for the financial year 2024-25 (Apr-Mar). The company is on track to surpass its booking value guidance of INR 270 billion for FY25, Godrej Properties said. Its collections for Oct-Dec were INR 30.69 billion, up 27% on year. It launched seven new projects and phases across four cities during the quarter, the company said.
Godrej Properties delivered projects with 2.6 million sqft of area across two cities during the quarter under review. It also added four new projects--one each in the Mumbai Metropolitan Region, Ahmedabad, Gurugram, and Kolkata. The projects have an estimated saleable area of 5.9 million sqft with an expected booking value of INR 108 billion. During the nine months ended December, the Mumbai-headquartered company added 12 projects with an expected booking value of INR 234.5 billion, surpassing its full year guidance of INR 200 billion.
The company's net operating cash flow for the quarter was INR 6.15 billion, compared with INR 7.98 billion a year ago. During the December quarter, the company raised INR 60 billion through a qualified institutional placement. It intends to use the net proceeds from the issue to build a project pipeline to scale up its business rapidly, the company said.
On Tuesday, shares of the real estate company closed 3% higher at INR 2,389.85 on the National Stock Exhange. End
Edited by Rajeev Pai
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