Earnings Review
Godrej Prop Jan-Mar consol PAT falls 19% on rise in expenses
This story was originally published at 15:40 IST on 2 May 2025
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--Jan-Mar consol net profit INR 3.82 bln
--Analysts saw Godrej Prop Jan-Mar consol net profit INR 2.43 bln
--Jan-Mar consol PAT INR 3.82 bln vs INR 4.71 bln year ago
--Jan-Mar consol revenue INR 21.22 bln vs INR 14.26 bln year ago
--FY25 consol net profit INR 14.00 bln vs INR 7.25 bln year ago
--FY25 consol revenue INR 49.23 bln vs INR 30.36 bln year ago
--Jan-Mar real estate consol sales INR 20.90 bln vs INR 14.02 bln
--Jan-Mar hospitality consol sales INR 319.4 mln vs INR 236.7 mln
--Jan-Mar consol EBITDA INR 6.34 bln vs INR 6.49 bln year ago
--Jan-Mar consol adjusted EBITDA INR 6.75 bln vs INR 7.17 bln
--FY25 consol EBITDA INR 19.70 bln vs INR 11.97 bln year ago
--FY25 consol adjusted EBITDA INR 21.64 bln vs INR 13.79 bln
--Jan-Mar booking value INR 101.63 bln, up 7% on year
--Jan-Mar consol collections INR 69.61 bln, up 48% on year
--Expects FY26 residential bookings rise to over INR 325 billion
--Jan-Mar operating cash flow INR 40.47 bln, up 55% on year
--Launched 12 projects and phases across 5 cities in Jan-Mar
--Launched 34 new projects and phases across 7 cities in FY25
--Godrej Prop board OKs raising up to INR 20 bln via NCDs, bonds
--Godrej Prop reappoints Gaurav Pandey as MD, CEO from Jan 1, 2026 for 3 yrs
By Shakshi Jain
MUMBAI – Godrej Properties Ltd. Friday reported an on-year decline in its consolidated net profit for the March quarter despite a rise in its revenue for the quarter. The company's net profit declined for the first time after rising for 11 straight quarters. This was largely due to a significant increase in other expenses, cost of material consumed, and finance costs of the company.
The realty firm posted a bottom line of INR 3.82 billion for the reporting quarter, down nearly 19% on year. This was, however, higher than the INR 2.43 billion expected by analysts. The real estate firm also reported a higher-than-expected top line of INR 21.22 billion, up nearly 49% on year. Sequentially, the revenue more than doubled during the quarter. Analysts had anticipated a consolidated revenue of INR 13.83 billion.
The Mumbai-headquartered company's expenses during the quarter rose nearly 54% to INR 20.79 billion. Within this, cost of materials consumed increased more than 36% to INR 36.93 billion, other expenses rose 66% to INR 5.37 billion, employee benefit expenses saw a slightly lower uptick of 10% to INR 1.30 billion, and finance costs soared over 46% to INR 460 million.
Total bookings during the quarter under review grew 7% to INR 101.63 billion, through sales of 3,703 homes spanning 7.52 million square feet. Godrej Properties launched 12 new projects and phases during the three months ended March across five cities, the company said in its investor presentation.
Total collections grew 48% on year and 127% on quarter to INR 69.61 billion during the reporting quarter, the company said. It delivered projects aggregating nearly 6.5 million sq ft across four cities during the same period.
The company's consolidated adjusted earnings before interest, taxes, depreciation, and amortisation for the quarter were INR 6.75 billion, down 6% on year. It reported a consolidated EBITDA of INR 6.34 billion, slightly lower than the INR 6.49 billion a year ago. The net operating cash flow of the company increased 55% on year to INR 40.47 billion during the quarter.
In another update, Godrej Properties informed exchanges that its board has approved fund-raising of up to INR 20 billion in one or more tranches through non-convertible debentures, bonds, or other debt securities, or on a private placement basis. Its board has also re-appointed Gaurav Pandey as the managing director and chief executive officer of the company for three years from Jan. 1, 2026.
In the March quarter, consolidated sales in Godrej Properties' real estate segment totalled INR 20.90 billion, compared with INR 14.02 billion in the year-ago period. The hospitality segment also recorded an improvement with consolidated sales of INR 319.4 million during the quarter, up from INR 236.7 million in the the previous year.
FY25 Performance
During the full year, the realty firm's consolidated net profit nearly doubled to INR 14 billion from INR 7.25 billion a year ago. Its consolidated revenue rose to INR 49.23 billion from INR 30.36 billion in the previous year.
For the new financial year, the company has quided for launches worth INR 400 billion and a booking value of INR 325 billion. It expects to deliver properties spanning 10 million sq ft during FY26 and rope in collections worth INR 210 billion, the company said in its investor presentation.
In FY25, Godrej Properties' booking value rose 31% on year to INR 294.44 billion, through sales of 15,302 homes aggregating 25.73 million sq ft. It reflects a volume growth of 29% year on year. The company launched 34 new projects and phases during the year across seven cities.
Godrej Properties reported 57% on year uptick in its consolidated adjusted EBITDA for FY25 to INR 21.6 billion from INR 13.8 billion a year ago. Its consolidated EBITDA increased by 65% on year to INR 19.7 billion.
At 1455 IST, shares of the company traded at INR 2,252.90 on the National Stock Exchange, up 4.2% from the previous day. It rose 2.5% after the company reported its March quarter earnings. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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