Bangalore, August 02, 2023: Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the first quarter ended June 30, 2023.
CORPORATE HIGHLIGHTS:
Sales Highlights
- Q1 FY24 witnessed total booking value of INR 2,254 crore with 2.25 million sq. ft. of area sold during the quarter.
- Sustenance sales grew by 19% year-on-year to INR 1,816 crores during Q1 FY24.
- 3 new projects/phases launched during the quarter.
Business Development
- Added 4 new projects with a total estimated saleable area of ~3.7 million sq. ft. and total estimated booking value of ~INR 6,450 Crore in April-July 2023
| Particulars | Estimated Saleable Area (million sq. ft.) | Expected Booking Value (INR Cr) | Business Model |
| New Alipore, Kolkata | 0.98 | 1,200 | 100% owned group housing development project |
| Gurugram 1 | 1.53 | 2,150 | 100% owned group housing development project |
| Gurugram 2* | 0.59 | 1,700 | 100% owned group housing development project |
| Gurugram 3* | 0.55 | 1,400 | 100% owned group housing development project |
| Total | 3.65 | 6,450 |
*2 of the Gurugram projects were won in the auction held in May 2023 with the official allotment and announcement in July 2023.
Other Highlights
- Collections grew by 26% to INR 1,954 crore in Q1 FY24, leading to net operating cash flow growth of 436% to INR 118 crore in Q1 FY24
- Delivered ~4.9 million sq. ft. across 4 markets in Q1 FY24
- GPL received 3 awards in Q1 FY24
Commenting on the performance of Q1 FY2024, Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said:
“While it was a muted start to the year from a bookings perspective, Godrej Properties saw strong traction in deliveries, business development, cash collections, and earnings in Q1 FY 24. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to achieve our bookings target of INR 14,000 crore in FY24 while also achieving our highest ever deliveries and collections performance.”
Financial Overview (Consolidated)
Q1 FY24 performance overview compared with Q1 FY23
- Total Income grew by 251% to INR 1,315 crore as compared to INR 375 crore
- EBITDA grew by 98% to INR 230 crore as compared to INR 116 crore
- Net Profit grew by 174% to INR 125 crore as compared to INR 46 crore
- EPS# amounted to INR 4.59 as compared to INR 1.64
