Godrej Properties Update for Q3 FY23 Results

Godrej properties
Godrej Properties Update for Q3 FY23 Results

Bangalore, February 02, 2023: Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the third quarterended December 31, 2022.


Sales Highlights

·         Q3 FY23 witnessed total booking value of INR 3,252 crore and total booking volume of 4.42 million sq. ft.

·         4 new phase launches during the quarter

Business Development

Added 9 new projects in NCR, MMR, and Pune with an estimated booking value of INR 23,050 crore

ParticularsEstimatedSaleable Area(million sq. ft.)ExpectedBookingValue(INR Cr)Business Model
Kandivali, MMR3.727,000100% owned group housing development project
Mahalaxmi, MMR0.763,500GPL owns 50% of equity in the project specificcompany
Sector 89, Gurugram2.903,000100% owned group housing development project
Sector 49, Gurugram1.602,500100% owned group housing development project
Mundhwa, Pune2.202,000100% owned group housing development project
Sec 146 A, Noida1.602,000100% owned group housing development project
Sec 146 B, Noida1.602,000100% owned group housing development project
Sec 41 Kurukshetra, NCR1.40550100% owned plotted development project
Manor, Palghar, MMR1.20500100% owned plotted development project

For the financial year to date, we have added 15 new projects with an estimated revenue potential of ~INR 27,500 crore against guidance of INR 15,000 crore for full year FY 23.

Other Highlights

·         27 awards and recognitions received in Q3 FY23

·         Credit Rating for Commercial Paper (CP) limits enhanced to INR 1,750 crore from INR 1,500 crore by ICRA and CRISIL. Ratings have beenreaffirmed/assigned at [ICRA]A1+ and CRISIL A1+ respectively

Commenting on the  performance of Q3 FY2023, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said:

“Residential real estate demand in India has remained strong and we believe the cyclical upturn in the sector will gain further momentum in the years ahead providing significant opportunities for leading developers to participate in sectoral growth while also gaining market    share.

The two highlights in the third quarter were that GPL registered its best ever quarter for both sales bookings and business development. This leaves us well positioned to surpass our FY 23 bookings guidance of 10,000 crore and to sharply grow on this base in the years ahead.”

Financial Overview (Consolidated)

Q3 FY2023 performance overview compared with Q3 FY2022

·         Total Income stood at INR 366 crore as compared to INR 399 crore

·         EBITDA stood at INR 153 crore as compared to INR 115 crore

·         Net Profit stood at INR 59 crore as compared to INR 39 crore

·         EPS# amounted to INR 2.11 as compared to INR 1.40