Surging Sales, Earnings, and Operational Growth in India’s Residential Real Estate Sector

Mumbai, October 23, 2024: Godrej Properties Limited (GPL), a leading player in India’s real estate market, has announced record-breaking financial results for the second quarter (Q2) and first half (H1) of FY25, demonstrating its strength in a growing sector. The company delivered its highest-ever bookings, collections, operating cash flows, earnings, and deliveries.

Robust Booking Growth

In Q2 FY25, Godrej Properties achieved a 3% year-on-year (YoY) growth in booking value, reaching INR 5,198 crore from the sale of 5.15 million square feet. The first half of FY25 was even more impressive, with booking values surging 90% to INR 13,835 crore, marking the highest-ever Q2 and H1 bookings for the company.

Key contributors included Godrej Vrikshya in NCR, with bookings worth INR 1,493 crore, and Godrej Woodside Estate in MMR, which garnered INR 610 crore. Across major cities like NCR, Bengaluru, and MMR, booking values increased significantly, with Bengaluru growing 212% YoY to INR 3,889 crore.

Highest Ever Collections and Operational Cash Flow

Godrej Properties recorded its highest-ever collections and operational cash flow for both Q2 and H1. Collections reached INR 4,005 crore in Q2, reflecting a YoY growth of 68%, while H1 collections grew 62% to INR 7,017 crore. Operational cash flow surged by 126% in Q2 to INR 1,834 crore, with H1 cash flow increasing by 204% to INR 2,822 crore.

Expanding Business Development

The first half of FY25 was marked by strong business development, with Godrej Properties adding 10 new projects totaling 13.9 million square feet of saleable area. These projects are estimated to have a booking value potential of INR 17,450 crore. Notably, 87% of the company’s annual guidance for business development has already been achieved.

Record Deliveries and Accolades

In Q2 FY25, Godrej Properties delivered 6.6 million square feet of projects across three cities, bringing the total year-to-date deliveries to 9.3 million square feet—its highest-ever for this period. The company was recognized with 44 prestigious awards during the quarter, including “Builder of the Year” and “Value Creator of the Year” in the real estate sector.

Financial Performance Overview

Godrej Properties reported substantial financial growth in Q2 FY25 compared to Q2 FY24:

Total income increased by 135% to INR 1,343 crore

Net profit surged by 402% to INR 335 crore

EBITDA grew by 69% to INR 282 crore

Similarly, in H1 FY25, the company’s performance outshined H1 FY24:

Total income rose by 58% to INR 2,981 crore

Net profit jumped by 345% to INR 855 crore

EBITDA surged by 167% to INR 1,056 crore

Commentary from Leadership

Mr. Pirojsha Godrej, Executive Chairperson of Godrej Properties, attributed the stellar performance to robust demand and efficient execution. He highlighted the company’s growth trajectory: “Godrej Properties delivered its highest-ever bookings and collections in Q2 and H1. We are well on track to surpass our booking target of INR 27,000 crore for FY25. The momentum in the residential real estate sector remains strong, and we are committed to expanding market share and enhancing profitability.”

Looking Ahead

With strong sectoral tailwinds, continued demand for residential real estate, and an impressive pipeline of new projects, Godrej Properties is poised to set new benchmarks in the Indian real estate sector.