Godrej Properties PAT rises 54% YoY in Q2 FY23

Godrej Properties' consolidated net profit rose 53.82% to Rs 54.96 crore on 27.66% increase in revenue from operations to Rs 165.09 crore in Q2 FY23 over Q2 FY22.

Profit before tax declined 17.2% to Rs 48.27 crore in Q2 FY23 as compared to Rs 58.32 crore posted in Q2 FY22.

The real estate company reported a consolidated EBITDA dropped 10.5% to Rs 105 crore in the quarter ended 30 September 2022.

Total expense rose 20.2% YoY to Rs 278.67 crore in Q2 FY23. Cost of raw material consumed was at Rs 663.26 crore (up 181.22% YoY) while employee benefit expense stood at 37.55 crore (up 32.17% YoY),

On the operational front, total booking value in Q2 FY23 stood at Rs 2,409 crore, down 6% year on year from Rs 2,574 crore posted in Q2 FY22. Total booking volume declined by 25% to 3.61 million sq. ft. in Q2 FY23 as compared to 2.71 million sq. ft. in Q2 FY22. The company said it added four new projects and phase launches across three cities.

Pirojsha Godrej, executive chairman, Godrej Properties said: While the global macroeconomic environment deteriorated in the second quarter, India's economy continues to outperform and residential real estate demand continues to remain robust. At the halfway mark of the financial year, we are confident of achieving our booking value guidance of 10,000 crore for FY23.

We are witnessing a lot of momentum in business development and hope to deliver GPL's best ever year for new project additions through strong momentum in the second half of the year. This in turn will ensure that the sharp increase in booking value this year is continued in the years ahead.

Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 47.34% of the company's equity shares as on 30 September 2022. The company currently operates in various cities and focuses on residential, commercial, and township development.

The scrip declined 6.10% to currently trade at Rs 1,183.70 on the BSE.

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