Godrej Properties (GPL) reported a 14% rise in Q4 FY24 profit to INR 471 crore, up from INR 412 crore year-on-year. However, revenue fell 15% to INR 1,426 crore. For FY24, revenue rose to INR 3,035 crore from INR 2,252 crore in FY23, while adjusted EBITDA increased to INR 1,379 crore. The company added 10 new housing projects in FY24 with a total revenue potential of INR 21,225 crore, 42% more than its guidance of INR 15,000 crore. Total bookings for FY24 grew 84% to a record INR 22,527 crore driven by 20 million square feet of space sales. Going forward, GPL targets FY25 bookings of INR 27,000 crore.
Godrej Properties Limited (GPL) announced its Q4FY24 results on May 3, 2024. The company reported a 14% rise in its profit after tax (PAT) to INR 471 crore, up from INR 412 crore in Q4FY23. However, revenue from operations fell 15% to INR 1,426 crore compared to INR 1,646 crore in the same period last year. Adjusted EBITDA also declined 2% to INR 717 crore versus INR 729 crore year-on-year.
For the full fiscal year FY24, revenue from operations increased to INR 3,035 crore from INR 2,252 crore in FY23, while adjusted EBITDA rose to INR 1,379 crore from INR 1,118 crore.
The company added 10 new housing projects in FY24 with a total revenue potential of INR 21,225 crore, 42% more than its guidance of INR 15,000 crore. For FY24, total bookings grew 84% YoY to INR 22,527 crore. This is the company's highest-ever annual sales and was driven by the sale of 20 million sq. ft of area (equivalent to 14,310 homes), with residential bookings accounting for 99.9% of the total booking value.
Its booking value in Q4 FY24 has crossed the booking value for the entire FY22. GPL has forecast bookings of INR 27,000 crore for FY25.
Furthermore, the company exceeded its annual booking guidance by 61%, marking the 7th consecutive year of record sales. It achieved 161% of the booking value guidance for FY24, propelled by an improving project mix and robust volume growth of 31%.
As per the investor presentation, four GPL projects saw bookings over INR 2,000 crore each. The National Capital Region (NCR) was the largest contributor at INR 10,016 crore followed by the Mumbai Metropolitan Region (MMR) at INR 6,545 crore. Notably, the company launched 26 new projects/phases across 7 cities during FY24.
In Q4FY24, GPL achieved its highest-ever quarterly sales for the third consecutive quarter, with a booking value of INR 9,519 crore reflecting 135% YoY growth. This was driven by sales of 8.17 million sq. ft. of space, marking the highest-ever quarterly sales reported by a listed developer in India. Collections stood at INR 4,693 crore in Q4FY24, a 23% YoY rise.
The company plans to launch residential projects worth INR 30,000 crore this fiscal year across major cities. It plans to introduce projects spanning 5.5 million square feet (msf) with an anticipated launch value of INR 9,500 crore. Additionally, it intends to launch projects in key cities like NCR, Bengaluru, Pune, and others, covering a collective area of 16.4 msf.
This concerted effort will elevate the total project area to 21.9 msf, reinforcing the company's commitment to meeting growing demand in the real estate market, as per the company's investor presentation.
The surge in demand for residential properties in India is attributed to the country's expanding economy, prompting individuals to actively seek home purchases, especially in the luxury segment. This demand is further fuelled by significant investments from high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) in the Indian residential market.
GPL achieved its highest-ever quarterly sales for the third consecutive quarter in Q4FY24. Going forward, the company plans major residential launches across major cities worth INR 30,000 crore this year. This aggressive expansion, coupled with the strong underlying demand for housing in India, will position GPL for further growth. The residential sector outlook remains positive given economic growth and inflow of investments, which bodes well for GPL's sales and profitability in the coming years.
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