Godrej Properties Consolidated Financials for Q4 FY24 Results

Bangalore, May 04, 2024: Godrej Properties Limited (GPL), a number one nationwide actual property developer, introduced its monetary outcomes for the fourth quarter ended March 31, 2024.

CORPORATE HIGHLIGHTS:

Sales Highlights

• Q4 FY24 was GPL’s highest ever quarterly gross sales for the third quarter in a row witnessing whole reserving worth of INR 9,519 crore from the sale of 5,331 properties with 8.17 million sq. ft. of space offered. This is the very best ever quarterly gross sales introduced up to now by any publicly listed actual property developer in India.
• FY24 bookings grew to INR 22,527 crore in FY24, a development of 84% over the earlier finest ever yr and 61% above the steerage offered firstly of the yr. This is the very best ever annual gross sales introduced up to now by any publicly listed actual property developer in India. This was achieved by the sale of 14,310 properties with a complete space of 20 million sq. ft.
• Sales had been pushed by superlative client demand in some key new mission launches. Godrej Zenith in NCR achieved a reserving worth of INR 3,008 crore and Godrej Reserve in MMR achieved a reserving worth of INR 2,693 crore. Both of those initiatives had been the perfect ever launches for GPL within the respective markets.
• In FY24, 4 initiatives (together with Godrej Aristocrat launched in Q3 and Godrej Tropical Isle launched in Q2) achieved over INR 2,000 crore reserving worth.
• GPL’s bookings in NCR in FY24 grew 180% to INR 10,016 crore and GPL’s bookings in MMR grew 114% to over INR 6,545 crore.

• Highest ever quarterly gross sales in MMR with gross sales of INR 4,022 crore in Q4FY24.

• 8 new initiatives/phases had been launched throughout the quarter throughout 5 cities

Business Development

• Added 4 new initiatives with a complete estimated saleable space of 11.2 million sq. ft. and whole estimated reserving worth of ~INR 12,800 Crore in Q4 FY23

*Original settlement for sale of land was entered into by GPL in 2014, the deal has been revived lately and GPL now expects to launch the primary part of growth on this land within the present monetary yr.

• For FY24, added 10 new initiatives with an estimated income potential of ~INR 21,225 crore, 42% above the BD steerage of INR 15,000 Crore of estimated reserving worth.

Other Highlights

• Highest ever money collections of INR 4,693 crore for Q4FY24 and INR 11,436 crores for FY24 resulting in internet working money circulation development of 16% YoY to INR 2,607 crore in Q4 FY24 and 23% to INR 4,334 crores in FY24.
• Delivered ~6 million sq. ft. throughout 7 cities in Q4 FY24 taking general deliveries for FY24 to ~12.5 miilion sq. ft.
• GPL obtained 38 awards in Q4 FY24 and a complete of 96 awards in FY24.

Commenting on the efficiency of Q4 FY2024, Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, stated:“Godrej Properties delivered a strong and well-rounded efficiency in FY24 registering its best-ever bookings, money collections, earnings, and deliveries in addition to a robust yr for enterprise growth. The residential actual property sector in India has been robust over the previous three years and we consider the sectoral tailwinds will proceed over the following few years. The vital ranges of enterprise growth now we have executed in earlier years at beneficial phrases allowed us to scale our bookings by 84% to INR 22,527 crore in FY24 and turn into the most important publicly listed actual property developer in India be gross sales.

In FY25, we hope to develop residential bookings to over INR 27,000 crore by the launch of a lot of thrilling new initiatives mixed with robust sustenance gross sales. This mixed with robust mission deliveries ought to enable us to take care of fast development in working money flows as properly. With a strong launch pipeline, robust stability sheet, and sectoral tailwinds, we’re assured of an impressive FY25.”

Financial Overview (Consolidated)

Q4 FY24 efficiency overview in contrast with Q4 FY23

• Total Income grew by 1% to INR 1,952 crore as in comparison with INR 1,930 crore
• EBITDA grew by 3% to INR 649 crore as in comparison with INR 630 crore
• Net Profit grew by 14% to INR 471 crore as in comparison with INR 412 crore
• EPS^#amounted to INR 16.95 as in comparison with INR 14.82

^#not annualised

FY24 efficiency overview in contrast with FY23

• Total Income grew by 45% to INR 4,362 crore as in comparison with INR 2,998 crore
• EBITDA grew by 20% to INR 1,197 crore as in comparison with INR 994 crore
• Net Profit grew by 27% to INR 725 crore as in comparison with INR 571 crore
• EPS amounted to INR 26.09 as in comparison with INR 20.55