Godrej Properties (GODREJPROP) Q1 24/25 earnings summary

Executive summary

• Achieved highest-ever net profit of INR 520 crore in Q1 FY25, up 316% year-over-year, with record sales volume of 8.99 million sq ft, and multi-fold growth in bookings, operating cash flow, and earnings.

• Booking value surged 283% to INR 8,637 crore, with 8.99 million sq ft sold, the highest among listed Indian developers for the second consecutive quarter.

• Strong customer response to new launches, notably Godrej Woodscape (Bengaluru) and Godrej Jardinia (Noida), each surpassing INR 2,000 crore in booking value.

• Added two group housing projects in Pune and Bengaluru with an estimated booking value of INR 3,000 crore; delivered 2.7 million sq ft across 3 cities.

• Unaudited standalone and consolidated financial results for Q1 FY25 were approved by the Board and reviewed by statutory auditors, with an unmodified opinion issued.

Financial highlights

• Net operating cash flow rose 737% to INR 988 crore, driven by a 54% increase in collections to INR 3,012 crore.

• Total income for Q1 increased by 25% to INR 1,638 crore; consolidated total income was ₹1,699.48 crore, up from ₹1,265.98 crore year-over-year.

• EBITDA increased by 237% to INR 774 crore; net profit up 316% to INR 520 crore, aided by a revaluation of the Godrej Two commercial building.

• EPS for Q1 FY25 was INR 18.70, compared to INR 4.59 in Q1 FY24; consolidated PAT was ₹518.80 crore.

• Adjusted EBITDA margin improved to 52.0% from 24.1% year-over-year; net profit margin rose to 31.8% from 9.5%.

Outlook and guidance

• On track to achieve FY25 guidance: booking value target of INR 27,000 crore (32% achieved in Q1), cash collections of INR 15,000 crore (20% achieved), and deliveries of 15 million sq ft (18% achieved).

• Expecting a ramp-up in collections and operating cash flow in H2, with a skew towards the second half of the year.

• Margins expected to be similar or slightly higher than FY24, with ongoing efforts to improve profitability.

• Robust launch pipeline and strong balance sheet expected to support continued growth and highest ever deliveries and collections.

• Results reflect continued growth in both revenue and profitability, with strong operational performance and improved margins.