Godrej Properties posts 36% jump in Total Income at INR 473 Cr.

Godrej Properties logo

Net Profit for the quarter stood at INR 21 Cr.

Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the second quarter ended September 30, 2018.

CORPORATE HIGHLIGHTS:

Business Development

Added 2 new projects with 2.9 million sq. ft. of saleable area in Q2 FY19

Sector 43, Noida

  • Entered into a partnership to develop a luxury residential project with saleable area of 2.2 million sq. ft. in Sector 43, Noida
  • Located within the city-center and in close proximity to the Noida Golf Course with excellent connectivity to Delhi and other landmark destinations within Noida
  • GPL’s 4th project in Noida and 13th project within the National Capital Region (NCR)

Ghodbunder Road, Thane

  • Acquired a land parcel measuring ~4 acres in Thane to develop a residential project measuring 0.7 million sq. ft.
  • Strategically located on the main Ghodbunder Road and offers extremely well developed social and civic infrastructure with multiple schools, hospitals, retail malls, residential and commercial spaces in close proximity
  • Project will be developed in partnership with Godrej Fund Management. This is the fifth project under GRIP II, the ~US$ 275 million fund which was announced in March 2016

Sales Highlights

  • Q2 FY19 witnessed total booking value of INR 807 crore and total booking volume of 1.07 million sq. ft. as compared to total booking value of INR 1,335 crore and total booking volume of 1.56 million sq. ft. in Q2 FY18
  • H1 FY19 witnessed total booking value of INR 1,627 crore and total booking volume of 2.24 million sq. ft. as compared to total booking value of INR 2,809 crore and total booking volume of 3.36 million sq. ft. in H1 FY18

Other Highlights

  • GPL was ranked 4th in Asia & 8th globally by GRESB (Global Real Estate Sustainability Benchmark) 2018 – An industry driven organization which assesses Environmental, Social and Governance (ESG) performance of real estate globally
  • GPL received 21 awards in Q2 FY19
  • 2 buildings received green building certifications

Commenting on the performance of Q2 FY2019, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said:

“The current environment gives us an outstanding opportunity to disproportionately scale our business development portfolio. We expect the pace of project additions to accelerate in H2 FY19. With a number of important launches, we also expect a strong second half of the financial year from a sales growth perspective.”

Financial Overview (Consolidated)

Q2 FY2019 performance overview compared with Q2 FY2018

· Total Income increased by 36% to INR 473 crore from INR 348 crore

· EBITDA increased by 43% to INR 69 crore from INR 48 crore

· Net profit stood at INR 21 crore as compared to 0 crore

· EPS# amounted to INR 0.9 as compared to INR 0.01

H1 FY2019 performance overview compared with H1 FY2018

· Total Income increased by 24% to INR 1,529 crore from INR 1,236 crore

· EBITDA decreased by 19% and stood at INR 194 crore

· Net profit decreased by 45% and stood at INR 55 crore

· EPS# amounted to INR 2.44 as compared to INR 4.59

· #not annualised

About Godrej Properties Limited

Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. Each Godrej Properties development combines a 121–year legacy of excellence and trust with a commitment to cutting-edge design and technology.

In recent years, Godrej Properties has received over 200 awards and recognitions, including the ‘Builder of the Year” at the CNBC-Awaaz Real Estate Awards 2018, ‘Real Estate Company of the Year’ at the 8th Annual Construction Week India Awards 2018, India’s Top Builders 2018 at the Construction World Architect and Builder (CWAB) AWARDS 2018 and the Golden Peacock National Quality Award – 2017 at the Institute Of Directors 27th World Congress on Business Excellence and Innovation.

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