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Consolidated net sales (including other operating income) of Godrej Properties for the quarter ended Dec 2023 has increased 68.39% to Rs 330.44 crore. Sales of Real Estate segment has gone up 59.74% to Rs 313.46 crore (accounting for 94.86% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 6.57% to Rs 94.66 crore. PBIT of Real Estate segment fell 2.57% to Rs 98.72 crore (accounting for 104.29% of total PBIT). PBIT margin of Real Estate segment fell from 51.63% to 31.49%. Overall PBIT margin fell from 51.63% to 28.65%. Operating profit margin has declined from negative 8.56% to negative 12.58%, leading to 147.59% decline in operating profit to Rs -41.57 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 95.99% to 91.08%. Employee cost increased from 1.26% to 3.17%. Other expenses rose from 3.34% to 7.40%. Other income rose 4.57% to Rs 217.87 crore. PBIDT fell 7.97% to Rs 176.3 crore. Provision for interest fell 5.87% to Rs 42.97 crore. PBDT fell 8.62% to Rs 133.33 crore. Provision for depreciation rose 118.52% to Rs 14.16 crore. Profit before tax down 14.53% to Rs 119.17 crore. Share of profit/loss was 35.69% higher at Rs -24.51 crore. Provision for tax was expense of Rs 31.94 crore, compared to Rs 44.92 crore. Effective tax rate was 33.74% compared to 44.33%. Net profit attributable to owners of the company increased 6.01% to Rs 62.27 crore. For year-to-date (YTD) results analysis Net sales (including other operating income) of Godrej Properties for 9m ended Dec 2023 has increased 165.60% to Rs 1609.53 crore. Sales of Real Estate segment has gone up 162.80% to Rs 1,592.55 crore (accounting for 98.95% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 76.91% to Rs 399.00 crore. PBIT of Real Estate segment rose 78.71% to Rs 403.06 crore (accounting for 101.02% of total PBIT). PBIT margin of Real Estate segment fell from 37.22% to 25.31%. Overall PBIT margin fell from 37.22% to 24.79%. Operating profit margin has jumped from negative 16.23% to negative 15.68%, leading to 156.59% decline in operating profit to Rs -252.43 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 92.53% to 86.40%. Employee cost increased from 2.28% to 4.37%. Other expenses rose from 7.26% to 14.42%. Other income rose 36.30% to Rs 809.87 crore. PBIDT rose 12.43% to Rs 557.44 crore. Provision for interest fell 0.04% to Rs 120.65 crore. PBDT rose 16.44% to Rs 436.79 crore. Provision for depreciation rose 62.19% to Rs 28.48 crore. Profit before tax grew 14.20% to Rs 408.31 crore. Share of profit/loss was 92.95% higher at Rs -9.31 crore. Provision for tax was expense of Rs 129.95 crore, compared to Rs 58.81 crore. Effective tax rate was 32.57% compared to 26.08%.Minority interest increased 101.07% to Rs 15.04 crore. Net profit attributable to owners of the company increased 59.50% to Rs 254.01 crore. Key highlights GPL`s highest ever quarterly sales for second quarter in a row - booking value stood at INR 5,720 crore, a YoY
growth of 76%, from the sale of 4.34 million sq. ft. area. Booking value in 9M FY24 was 106% of booking value for the entire FY23, which was GPL`s best ever year
previously Godrej Aristocrat, Gurugram was GPL`s most successful ever launch achieving a booking value of
INR 2,667 crores Godrej Ananda, Bengaluru achieved a booking value of INR 574 crores Godrej Avenue 11, MMR, launched in September 2023, has achieved a booking value of INR 687 crores within
4 months of launch New project and phase launches during the quarter was 8 numbers across 5 cities. Added 1 group housing project in Bengaluru with estimated booking value of INR 1,250 crores in Q3 FY24, Business Development taking the year to date total to 6 additions with an estimated booking value of INR 8,425 crores. Leased ~1.4 lakh sq. ft. at Godrej Two in Q3 FY24 at a weighted average monthly rent of over INR 165 per sq. ft.
of leasable area.
Promoters’ stake was 58.48% as of 31 December 2023 ,compared to 58.48% as of 31 December 2022 .
| Godrej Properties : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 330.44 | 196.23 | 68.39 | 1,609.53 | 605.99 | 165.60 | 2,252.26 | 1,824.88 | 23.42 | | OPM (%) | -12.58 | -8.56 | -402 bps | -15.68 | -16.23 | 55 bps | 10.99 | 7.30 | 370 bps | | OP | -41.57 | -16.79 | -147.59 | -252.43 | -98.38 | -156.59 | 247.63 | 133.16 | 85.96 | | Other Inc. | 217.87 | 208.35 | 4.57 | 809.87 | 594.19 | 36.30 | 786.74 | 760.81 | 3.41 | | PBIDT | 176.30 | 191.56 | -7.97 | 557.44 | 495.81 | 12.43 | 1,034.37 | 893.97 | 15.71 | | Interest | 42.97 | 45.65 | -5.87 | 120.65 | 120.70 | -0.04 | 174.23 | 167.48 | 4.03 | | PBDT | 133.33 | 145.91 | -8.62 | 436.79 | 375.11 | 16.44 | 860.14 | 726.49 | 18.40 | | Depreciation | 14.16 | 6.48 | 118.52 | 28.48 | 17.56 | 62.19 | 24.14 | 21.43 | 12.65 | | PBT | 119.17 | 139.43 | -14.53 | 408.31 | 357.55 | 14.20 | 836 | 705.06 | 18.57 | | Share of Profit/(Loss) from Associates | -24.51 | -38.11 | 35.69 | -9.31 | -132.01 | 92.95 | -40.73 | -188.73 | 78.42 | | PBT before EO | 94.66 | 101.32 | -6.57 | 399 | 225.54 | 76.91 | 795.27 | 516.33 | 54.02 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 94.66 | 101.32 | -6.57 | 399 | 225.54 | 76.91 | 795.27 | 516.33 | 54.02 | | Taxation | 31.94 | 44.92 | -28.90 | 129.95 | 58.81 | 120.97 | 174.67 | 165.78 | 5.36 | | PAT | 62.72 | 56.4 | 11.21 | 269.05 | 166.73 | 61.37 | 620.6 | 350.55 | 77.04 | | Minority Interest (MI) | 0.45 | -2.34 | PL | 15.04 | 7.48 | 101.07 | 49.21 | -1.82 | PL | | Net profit | 62.27 | 58.74 | 6.01 | 254.01 | 159.25 | 59.50 | 571.39 | 352.37 | 62.16 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 62.27 | 58.74 | 6.01 | 254.01 | 159.25 | 59.50 | 571.39 | 352.37 | 62.16 | | EPS (Rs)* | 2.24 | 2.11 | 6.01 | 9.14 | 5.73 | 59.50 | 20.55 | 12.67 | 62.16 | | | * EPS is on current equity of Rs 139.02 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Godrej Properties : Consolidated Segment Results | td>-| | Quarter ended | Year to Date |
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| % of (Total) | 202312 | 202212 | Var.(%) | % of (Total) | 202312 | 202212 | Var.(%) |
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| Sales | | Real Estate | 94.86 | 313.46 | 196.23 | 59.74 | 98.95 | 1,592.55 | 605.99 | 162.80 | | Hospitality | 5.14 | 16.98 | 0.00 | - | | Total Reported Sales | 100.00 | 330.44 | 196.23 | 68.39 | 100.00 | 1,609.53 | 605.99 | 165.60 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | Net Sales | 100.00 | 330.44 | 196.23 | 68.39 | 100.00 | 1,609.53 | 605.99 | 165.60 | | PBIT | | Real Estate | 104.29 | 98.72 | 101.32 | -2.57 | 101.02 | 403.06 | 225.54 | 78.71 | | Hospitality | -4.29 | -4.06 | 0.00 | - | | Total PBIT | 100.00 | 94.66 | 101.32 | -6.57 | 100.00 | 399.00 | 225.54 | 76.91 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | Real Estate | | 31.49 | 51.63 | -2,013.96 | | 25.31 | 37.22 | -1,190.93 | | Hospitality | | -23.91 | 0.00 | -2,391.05 | | -23.91 | 0.00 | -2,391.05 | | PBT | 100.00 | 94.66 | 101.32 | -6.57 | 100.00 | 399.00 | 225.54 | 76.91 |
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