Godrej Properties Q4 Net profit up by 271% at INR 157 crore

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Booking value of INR 5,316 crore is likely to be the highest booking value achieved by any publicly listed real estate developer in India in FY19

Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the fourth quarte rended March 31, 2019.

  •  Highest ever sales in a financial year by GPL
  • Sales above INR 900 crore in each of our four focus markets of Mumbai, Bangalore, NCR and Pune
  • Best ever year for business development. Added 11 new projects with saleable area of ~31 million sq. ft.in FY19 which includes our largest ever deal in the Pune market
  • GPL’s best ever quarter for sales – booking value stood at INR 2,161 crore in Q4 FY19
  • Net profit increased by 271% to INR 157 crore in Q4 FY19 aided by revenue recognition at The Trees Phase 1

CORPORATE HIGHLIGHTS:

Sales Highlights

Q4 FY19 witnessed total booking value of INR 2,161 crore and total booking volume of 3.72 million sq. ft. as compared to total booking value of INR 1,054crore and total booking volume of 1.47 million sq. ft. in Q4 FY18
FY19 witnessed total booking value of INR 5,316 crore and total booking volume of 8.76 million sq. ft. as compared to total booking value of INR 5,083 crore and total booking volume of 6.26 million sq. ft. in FY18

Business Development

Added 8 new projects with saleable area of ~27 million sq. ft. in Q4 FY19

Pune portfolio deal

  • Entered into a strategic partnership for the development of 6 projects over 25 million sq. ft. in Pune in multiple phases over the next 10 years
  • Portfolio comprises various asset classes including group housing projects, plotted development, mixed use development and townshipprojects
  • Total land that will be developed comprises of over 300 acres located across the prime markets of west and east Pune

Bandra, Mumbai

  • Entered into a joint venture to develop a 4.25 acres sea-facing property in the prime micro-market of Bandra West, Mumbai. Project willoffer approximately ~1.1 million sq. ft. of saleable area and will be developed as a luxury residential project
  • Located at the doorstep of Bandra – Worli Sea link. Offers outstanding connectivity to all parts of the city including the domestic andinternational airports, Bandra Kurla Complex (BKC), and Worli while also offering unobstructed sea views from most apartments

Vashi, Mumbai

  • GPL’s first project in the Navi Mumbai micro-market
  • Spread across 5 acres, this project will offer ~0.50 million sq. ft. of saleable area comprising mainly of modern residential apartments ofvarious configurations
  • The site is strategically located in Vashi and offers an extremely well developed social and civic infrastructure with multiple schools,hospitals and residential and commercial spaces in close proximity

Construction Highlights

  • Achieved revenue recognition at The Trees – Phase 1 within 32 months, one year ahead ofschedule
  • Delivered ~1.6 million sq. ft. across 4 cities in FY19

Commenting on the performance of Q4 FY2019, Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said:

“We have posted our best ever quarterly performance in terms of the value and volume of real estate sold.This has also been the best ever quarter for business development in the history of GPL. We expect to further scale our business development and sales momentum in FY20, given our exciting launch pipeline across the country.”

Financial Overview (Consolidated)

Q4 FY2019 performance overview compared with Q4 FY2018

  • Total Income increased by 133% to INR 1,200crore from INR 516 crore
  • EBITDA increased by 327% to INR 314 crore from INR 74 crore
  • Net profit increased by 271% to INR 157 crore from INR 42 crore
  • EPS# amounted to INR 6.83 as compared to INR 1.95

FY2019 performance overview compared with FY2018

  • Total Income increased by 57% to INR 3,236 crore from INR 2,066 crore
  • EBITDAincreased by 111% to INR 597 crore from INR 283 crore
  • Net profit increased by 191% to INR 253 crore from INR 87 crore
  • EPS amounted to INR 11.15 as compared to INR 4.01