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Godrej Properties Q2 results: Profit zooms fivefold to Rs 335 crore

Company's revenue from operations for the quarter stood at Rs 1,093.23 crore, 3.2x from year-ago period

Godrej Properties

Godrej Properties

Prachi Pisal Mumbai

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Godrej Properties Limited (GPL) on Wednesday reported a nearly fivefold year on year (Y-o-Y) jump in its net profit to Rs 335.21 crore for the second quarter of the current financial year (Q2FY25).  
 
However, the realty firm’s net profit missed Bloomberg's estimate of Rs 831 crore. The net profit stood at Rs 66.80 crore in Q2FY24.
 
The company's revenue from operations for the quarter stood at Rs 1,093.23 crore against the Bloomberg estimate of Rs 1,024 crore. On an annual basis, the revenue rose 3.2 times. On the other hand, GPL’s total expenses during the quarter stood at Rs 1,124.13 crore, up 144.34 per cent Y-o-Y.
 
 
The company’s earnings before interest, taxes, depreciation, and amortisation (Ebitda) grew by 69 per cent to Rs 282 crore from Rs 167 crore in Q2FY24, beating the Bloomberg estimate of Rs 104 crore. 
 
Bookings value in Q2 FY25 grew 3 per cent Y-o-Y to Rs 5,198 crore from the sale of 5.15 million square feet (msf) of area. According to the company's statement, this is the highest Q2 booking value it has ever achieved.
 
The company's collections for the quarter stood at Rs 4,005 crore with a Y-o-Y growth of 68 per cent and operational cash flow stood at Rs 1,834 crore with a Y-o-Y growth of 126 per cent, both highest-ever Q2 achievements for the company.
 
In Q2 FY25, GPL achieved 87 per cent of its annual guidance for business development.
 
“With a robust launch pipeline, strong balance sheet, and resilient demand, we are on track to significantly surpass our bookings target of Rs 27,000 cores in FY25 while also achieving our highest-ever deliveries and collections,” said Pirojsha Godrej, executive chairperson of Godrej Properties Limited.
 
The company also delivered projects aggregating about 6.6 msf across three cities in Q2 FY25, taking the year-to-date total to about 9.3 msf.
 
GPL has added 10 new projects so far in FY25 with a total estimated saleable area of approximately 13.9 msf and a total estimated booking value potential of about Rs 17,450 crore. This included six new projects with an expected booking value of Rs 9,650 crore in Q2FY25 and two new projects with an expected booking value of Rs 4,800 crore post-Q2FY25. 
 
Godrej is expecting the sectoral tailwinds for India's residential real estate sector to continue over the next few years as the company aims to remain focused on building scale through continued market share gains and margin expansion.
 

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First Published: Oct 23 2024 | 3:47 PM IST

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