On 2 November 2023: Godrej Properties Limited (BSE, NSE: GODREJPROP) announced its Q2 2023-24 financial results, reporting the real estate developer’s highest property sales in a single quarter, a YoY growth of 109%.
Table of Content
Consolidated Result Takeaways
Here are the overall consolidated highlights in Q2 results compared to Q2 of the previous fiscal year:
- The prominent property developer witnessed a rise in bookings by 109% which reached ₹5,034 Cr.
- The company’s Total Income grew by 75% to ₹571 Cr compared to ₹327 Cr.
- EBITDA saw an increase of 76% and reached ₹167 Cr compared to ₹94 Cr.
- Net Profit grew by 22% to ₹67 Cr compared to ₹55 Cr.
- EPS was at ₹2.40 compared to ₹1.98.
Additional Read: Q2 Results Dashboard
A Boost in Quarterly Sales
Here are some highlights of sales in Q2:
- In Q2 FY 23-24, quarterly sales were at their highest for any quarter of the company so far with 5.24 million sq. ft. of area sold in Q2.
- The most successful launch of the company was Godrej Tropical Isle, Noida. This property witnessed a booking value of ₹2,016 Cr with 1.51 million sq. ft of area being sold.
- 7 new projects were launched during Q2 FY 23-24.
Also Read: Godrej Properties Share Price
Other Highlights – More Achievements
Here are some other highlights that marked Q2:
- Collections of the company grew by 23% and reached ₹2,378 Cr, resulting in a Net Operating Cash Flow of ₹811 Cr in Q2 FY 23-24.
- Across two markets, the company delivered ~1.55 million sq. ft. over 2 markets in Q2.
- The company received 37 awards in Q2 FY 23-24, including the Best Residential Developer in India by Euromoney’s Global Real Estate Awards and Bombay Chambers DEI Awards 2023 – Winner of LGBTQIA+ Inclusion.
Management Commentary
The Executive Chairperson of Godrej Properties Ltd., Pirojsha Godrej had some insights on the results and these are shared below:
- Over the past two years, the real estate sector has proved its mettle in being resilient and the company believes that the cycle of strength will continue over the next few years,
- Business development executed by the company in previous years allows the company to maximise growth in the market of real estate and bring more projects to their conclusion in the quarters that follow.
- There is a robust demand for new launches of the company, especially Godrej Tropical Isle in Noida. This is, to date, the most successful launch of the property giant.
- The company remains on track to exceed the booking target of ₹14,000 Cr set for FY 23-24 and is confident of the conclusion of ongoing projects and their delivery.
Financial Results
Here are the financial results of Q2 in a nutshell (all figures in ₹ Cr, except where indicated by %):
| Metrics | Q2 FY 2023-24 | Q2 FY 2022-23 | Change % |
| Total Income | 571 | 327 | 75% |
| Adj. EBITDA | 178 | 98 | 82% |
| Profit Before Tax | 111 | 48 | 131% |
| Profit After Tax | 67 | 55 | 22% |
About Godrej Properties Ltd.
The Godrej Group of companies was established in 1897, mainly to demonstrate economic self-sufficiency within India. Godrej Properties is a key part of this group of companies bringing with it the company’s age-old philosophy of sustainability, excellence, and innovation at its core. Standing strong on a 125-year legacy of trust and reliability, the company brings its customers high-quality residences and commercial spaces with technology and affordability.
The company is continuously receiving awards and accolades for its efforts in property development, sustainability, and diversity. Delivering many firsts in the Indian real estate market, Godrej Properties has generated a name for itself with Planet Godrej in Mumbai, India’s first fully occupied and tallest skyscraper built in 2008. This building also had the distinction of being the first one of its kind to possess a fire escape chute. Another first is the environmentally sustainable commercial project, Godrej BKC, which is the only Leadership in Energy and Environmental Design (LEED) Platinum-rated structure.
In India, an estimated 10 million people move into urban locations on an annual basis. This is going to alter the urban landscape dynamically. With a focus on sustainability, the company seeks to grow and stand out from the competition, finding its distinctive position in the ever-evolving dynamic real estate market.
Source:
https://www.godrejproperties.com/investor/financials-presentations
