Results     03-Mar-24
Analysis
Godrej Properties
Sales jump 68%
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 endedYear to DateYear ended
Particulars202312202212Var.(%)202312202212Var.(%)202303202203Var.(%)
Net Sales (including other operating income)330.44196.2368.391,609.53605.99165.602,252.261,824.8823.42
OPM (%)-12.58-8.56-402 bps-15.68-16.2355 bps10.997.30370 bps
OP-41.57-16.79-147.59-252.43-98.38-156.59247.63133.1685.96
Other Inc.217.87208.354.57809.87594.1936.30786.74760.813.41
PBIDT176.30191.56-7.97557.44495.8112.431,034.37893.9715.71
Interest42.9745.65-5.87120.65120.70-0.04174.23167.484.03
PBDT133.33145.91-8.62436.79375.1116.44860.14726.4918.40
Depreciation14.166.48118.5228.4817.5662.1924.1421.4312.65
PBT119.17139.43-14.53408.31357.5514.20836705.0618.57
Share of Profit/(Loss) from Associates-24.51-38.1135.69-9.31-132.0192.95-40.73-188.7378.42
PBT before EO94.66101.32-6.57399225.5476.91795.27516.3354.02
EO Income00-00-00-
PBT after EO94.66101.32-6.57399225.5476.91795.27516.3354.02
Taxation31.9444.92-28.90129.9558.81120.97174.67165.785.36
PAT62.7256.411.21269.05166.7361.37620.6350.5577.04
Minority Interest (MI)0.45-2.34PL15.047.48101.0749.21-1.82PL
Net profit62.2758.746.01254.01159.2559.50571.39352.3762.16
P/(L) from discontinued operations net of tax00-00-00-
Net profit after discontinued operations62.2758.746.01254.01159.2559.50571.39352.3762.16
EPS (Rs)*2.242.116.019.145.7359.5020.5512.6762.16
* 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


Godrej Properties : Consolidated Segment Results
td>-
 Quarter endedYear to Date
% of (Total)202312202212Var.(%)% of (Total)202312202212Var.(%)
Sales
Real Estate94.86313.46196.2359.7498.951,592.55605.99162.80
Hospitality5.1416.980.00-
Total Reported Sales100.00330.44196.2368.39100.001,609.53605.99165.60
Less: Inter segment revenues 0.000.00- 0.000.00
Net Sales100.00330.44196.2368.39100.001,609.53605.99165.60
PBIT
Real Estate104.2998.72101.32-2.57101.02403.06225.5478.71
Hospitality-4.29-4.060.00-
Total PBIT100.0094.66101.32-6.57100.00399.00225.5476.91
Less : Interest0.000.00-0.000.00-
Add: Other un-allcoable0.000.00-0.000.00-
PBIT Margin(%)
Real Estate 31.4951.63-2,013.96 25.3137.22-1,190.93
Hospitality -23.910.00-2,391.05 -23.910.00-2,391.05
PBT100.0094.66101.32-6.57100.00399.00225.5476.91
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