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Realty sector Q4FY25 operational highlights

ICICIdirect Research 11 Apr 2025 DISCLAIMER

Key companies in the realty sector announced strong operational updates for Q4FY25.

Macrotech achieved ₹ 4810 crore (up 14% YoY, up 7% QoQ) pre-sales in Q4FY25 surpassing FY25 pre-sales guidance of ₹ 17,500 crore (FY25 pre-sales stood at ₹ 17,630 crore, up 21% YoY). Collections were up 26% YoY and 3% QoQ at ₹ 4440 crore for Q4FY25 while they were up 29% YoY for FY25 at ₹ 14,490 crore. New Business Development for FY25 at ₹ 23,700 crore surpassed FY25 guidance of ₹ 21,000 crore. Net debt lowered by ₹ 320 crore QoQ to ₹ 3990 crore.

Godrej Properties achieved highest ever quarterly booking value surpassing ₹ 10,000 crore mark at ₹ 10,163 crore (up 7% YoY, up 87% QoQ). FY25 pre-sales grew 31% YoY to ₹ 29,444 crore surpassing ₹ 27,000 crore guidance. Business development additions with a GDV of ₹ 26,450 crore in FY25 remained strong.

Sobha reported ₹ 1836 crore pre-sales, which were up 32% YoY and 22% QoQ for Q4FY25. For FY25, pre-sales were down 5.5% YoY at ₹ 6277 crore.

Keystone Realtors reported pre-sales of ₹ 854 crore (up 1.3% YoY, down 1% QoQ) and collection of ₹ 746 crore (up 11.3% YoY, up 37.6% QoQ). For FY25, pre-sales grew 34% YoY to ₹ 3028 crores (achieving guidance of ₹ 3,000 crores) while collection stood at ₹ 2330 crores (up 6% YoY).

Overall, most of the companies in the realty space maintained the pre-sales momentum in Q4FY25 aiding them to surpass their FY25 guidance. Management commentaries during Q4FY25 earnings in terms of guidance for FY26 for pre-sales, collections and new business developments would be keenly watched for.

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