Realty company Godrej Properties announced Q2FY24 & H1FY24 results:
- Consolidated Q2FY24:
- Total Income grew by 75% to Rs 571 crore as compared to Rs 327 crore
- EBITDA grew by 76% to Rs 167 crore as compared to Rs 94 crore
- Net Profit grew by 22% to Rs 67 crore as compared to Rs 55 crore
- EPS amounted to Rs 2.40 as compared to Rs 1.98
- Consolidated H1FY24:
- Total Income grew by 169% to Rs 1,886 crore as compared to Rs 702 crore
- EBITDA grew by 88% to Rs 396 crore as compared to Rs 210 crore
- Net Profit grew by 91% to Rs 192 crore as compared to Rs 101 crore
- EPS amounted to Rs 6.90 as compared to Rs 3.62
- Q2FY24 was GPL’s highest-ever quarterly sales witnessing a total booking value of Rs 5,034 crore with 5.24 million sq. ft. of area sold during the quarter.
- Godrej Tropical Isle, Noida was GPL’s most successful ever launch achieving a booking value of Rs 2,016 crore from 1.51 million sq. ft. of area sold
- Godrej Parkland Estate, Kurukshetra was GPL’s most successful plotted launch achieving a booking value of Rs 628 crores from 1.39 million sq. ft. of area sold.
- 7 new projects/phases were launched during the quarter
- Collections grew by 23% to Rs 2,378 crore in Q2FY24, leading to net operating cash flow of Rs 811 crore in Q2FY24
- Delivered ~1.55 million sq. ft. across 2 markets in Q2FY24
- GPL received 37 awards in Q2FY24
Commenting on the performance of Q2FY24, Pirojsha Godrej, Executive Chairperson, Godrej Properties, said, “The residential real estate sector in India has been very strong and resilient over the past two years and we believe the real estate cycle will continue to strengthen over the next few years. The significant levels of business development we have executed over the past several years provide us the opportunity to maximize the growth opportunities available in the market and our topmost priority is bringing these projects to market in the upcoming quarters.
We saw strong demand for our new launches this quarter and we are delighted with the response to our project, Godrej Tropical Isle in Noida which received bookings of more than Rs 2,000 crore within the quarter making it GPL’s most successful ever launch. We remain on track to exceed our bookings target of Rs 14,000 crore in FY24 and are confident of also delivering our best-cash collections and project deliveries.”