Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the third quarter ended December 31, 2024.
CORPORATE HIGHLIGHTS:
A record-breaking calendar year 2024
- Booking value grew 69% to INR 28,800 crores from the sale of 26.38 million sq. ft. of area, a volume growth of 54%. This is the highest ever booking value achieved by any listed developer in India in a calendar year.
- Collections and operating cash flow was INR 14,779 Crore, a YoY growth of 40%, and INR 6,043 crore, a YoY growth of 52%, respectively
- Delivered projects aggregating ~18 million sq. ft. across 7 cities
- Added 16 new projects with an estimated saleable area of 29.1 million sq. ft. and expected booking value of INR 36,250 crore
- Net profit grew by 124% to INR 1,489 crores
Sales Highlights for Q3FY25 and 9MFY25
- Booking value in 9M FY25 grew 48% to INR 19,281 crores from the sale of 18.21 million sq. ft. of area, a volume growth of 54%. This is the highest ever 9M booking value and area sold achieved by Godrej Properties and the highest ever by any Indian Real estate developer.
- Booking value in Q3FY25 was INR 5,446 crore from the sale of 4.07 million sq. ft. of area, a decline of 5% year-on-year and a growth of 5% quarter-on-quarter. This is the 6th consecutive quarter in which GPL has delivered more than INR 5,000 crore of booking value
- GPL has achieved 71% of its annual guidance for booking value for FY25
- MMR has achieved booking value of INR 5,155 crores, a Y-o-Y growth of 104%, and Bengaluru has achieved booking value of INR 4,807 crores, a Y-o-Y growth of 145% in 9M FY2025
- 7 new project and phase launches during the quarter across 4 cities
Business development momentum continues
• Added 4 new projects with an estimated saleable area of 5.9 million sq. ft. and expected booking value of INR 10,800 crore in Q3FY25
• In 9M FY25, GPL added 12 new projects with a total estimated saleable area of approximately 16.9 million sq. ft. and total estimated booking value potential of ~INR 23,450 Crore and have thereby surpassed the full year guidance of INR 20,000 crores.
Other Highlights
- Raised INR 6,000 crore of equity for growth capital through largest ever QIP by a real estate company in India in Q3FY25.
- Delivered projects aggregating ~2.6 million sq. ft. across 2 cities in Q3FY25 taking the year-to-date total to ~11.9 million sq. ft.
Commenting on the performance of Q3 FY2025, Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said:
"Godrej Properties delivered a record-breaking calendar year 2024 with its highest ever bookings, collections, operating cashflows, earnings and deliveries. The third quarter of financial year 2025 was the 6th consecutive quarter of more than INR 5,000 crores bookings underlying the sectoral tailwinds for the residential real estate sector in India. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to surpass our bookings guidance of INR 27,000 cores in FY25 while also achieving our highest ever cash collections, deliveries, earnings and operating cash flow.
We remain focused on building scale through continued market share gains and margin expansion."
Financial Overview (Consolidated)
Q3 FY25 performance overview compared with Q3 FY24
· Total Income grew by 133% to INR 1,222 crore as compared to INR 524 crore
· EBITDA grew by 85% to INR 280 crore as compared to INR 152 crore
· Net Profit grew by 161% to INR 163 crore as compared to INR 62 crore
· EPS# amounted to INR 5.70 as compared to INR 2.24
#not annualised
9M FY25 performance overview compared with 9M FY24
· Total Income grew by 74% to INR 4,203 crore as compared to INR 2,410 crore
· EBITDA grew by 144% to INR 1,336 crore as compared to INR 548 crore
· Net Profit grew by 301% to INR 1,018 crore as compared to INR 254 crore
· EPS# amounted to INR 36.29 as compared to INR 9.14
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.
