Godrej Properties Q4 Results: Profit Rises 5%, Revenue Falls
Godrej Properties' net profit increased 5.3% year-on-year to Rs 478.01 crore for the January-March period.
Godrej Properties Ltd.'s profit rose in the quarter-ended March, beating analysts' estimates.
The Mumbai-based developer's net profit increased 5.3% year-on-year to Rs 478.01 crore for the January-March period, according to an exchange filing. That compares with the Rs 406.40-crore consensus estimate of analysts tracked by Bloomberg.
Revenue from operations fell 13.4% to Rs 1,426.09 crore during the same quarter last year. Analysts polled at Bloomberg expected it to be Rs 1,043.40 crore for the quarter.
Godrej Properties Q4 Results Highlights (YoY)
Revenue down 13.4% at Rs 1,426.1 crore vs Rs 1,646.3 crore (Bloomberg estimate: Rs 1,043.4 crore).
Ebitda down 64.5% at Rs 122.8 crore vs Rs 346.0 crore (Bloomberg estimate: Rs 278 crore).
Margin contacts 1,241 basis points to 8.6% vs 21.0% (Bloomberg estimate: 26.6%).
Net profit up 5.3% at Rs 478 crore vs Rs 453.9 crore (Bloomberg estimate: Rs 406.40 crore).
Other Key Operational Highlights In Q4 FY24
Area sold rises 56% to Rs 8.17 million sq ft vs 5.25 million sq ft.
Pre-sales up 135% at Rs 9,519 crore vs Rs 4,051 crore.
Customer collections up 23% at Rs 4,693 crore vs Rs 3,822 crore.
The company added eight new projects and phase launches during the quarter, across five cities. This included Godrej Zenith, the Gurugram project, which was the company's most successful-ever launch, achieving a booking value of Rs 3,008 crore.
On the business development side, the company entered the Hyderabad market with two land deals, at an estimated booking value of Rs 5,000 crore.
Net debt, as of March 2024, stood at Rs 6,198 crore as compared with Rs 3,649 crore in the previous fiscal.
FY25 Guidance Against FY24
Expect pre-sales growth of 20% at Rs 27,000 crore vs Rs 22,527 crore.
Expect collections growth of 31% at Rs 15,000 crore vs Rs 11,436 crore.
Expect deliveries of 15 million sq ft vs 12.5 million sq ft.
Expect business development of Rs 20,000 crore vs Rs 21,225 crore.
Shares of Godrej Properties were down 0.17% at Rs 2,528.45 apiece on the BSE on Friday, as compared with a 1.21% decline in the benchmark Sensex. The realty stock has risen about 90.8% in a year.
