Godrej Properties (GODREJPROP) Q2 24/25 earnings summary

Executive summary

• Achieved highest-ever Q2 and H1 booking values, collections, operating cash flows, and deliveries, with 51% of annual bookings guidance already met in H1 FY25.

• Delivered ~6.6 million sq. ft. across 3 cities in Q2 FY25, with 7 new project/phase launches in 4 cities.

• Recognized for sustainability, ranking #1 globally in GRESB for three consecutive years and included in TIME World's Most Sustainable Companies 2024.

• Received 44 awards in Q2 FY25, including KPMG ESG Excellence and Construction Times Builder of the Year.

• Unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2024, were approved by the Board and reviewed by statutory auditors, with an unmodified opinion expressed.

Financial highlights

• Q2 FY25 booking value grew 3% YoY to INR 5,198 crore; H1 booking value up 90% YoY to INR 13,835 crore.

• Q2 total income up 135% YoY to INR 1,343 crore; H1 total income up 58% YoY to INR 2,981 crore.

• Q2 FY25 net profit after tax surged 402% YoY to INR 335 crore; H1 FY25 up 346% YoY to INR 855 crore.

• Highest-ever Q2 and H1 collections: INR 4,005 crore in Q2 FY25 (up 68% YoY) and INR 7,017 crore in H1 FY25 (up 62% YoY).

• Net operating cash flow for Q2 FY25 at INR 1,834 crore (up 126% YoY); H1 FY25 at INR 2,822 crore (up 204% YoY).

Outlook and guidance

• Achieved 51% of FY25 annual booking value guidance in H1; on track to meet or exceed full-year targets.

• FY25 guidance: booking value INR 27,000 crore, cash collections INR 15,000 crore, deliveries 15 million sq. ft.

• Management anticipates another record year for cash flow and earnings, with strong growth expected to continue into FY26.

• Recognized a deferred tax credit due to a reduction in long-term capital gains tax, positively impacting net profit.