Godrej Properties Q2 FY25 Results: Achieves 51% of Annual Booking Guidance in First Half

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Godrej Properties Q2 FY25 Results: Achieves 51% of Annual Booking Guidance in First Half

Godrej Properties has managed to deliver 9.3 million square feet worth of area in the first half of the current financial year, of which, nearly 6.6 million square feet was delivered during the second quarter itself.

October 23rd, 2024 News

Mumbai-based real estate giant, Godrej Properties Ltd., has announced a strong performance for the second quarter of the financial year 2025, achieving significant milestones across multiple parameters. The company has managed to achieve 51% of its full-year booking guidance of ₹27,000 crore by the end of the first half, demonstrating robust growth despite a slight dip in the area sold.

Key Highlights from the Results:

Booking Value: Godrej Properties achieved a booking value of ₹13,835 crore in the first half, which is 51% of its full-year target.
Area Delivered: The company delivered 9.3 million square feet in H1 FY25, with 6.6 million square feet delivered during Q2 alone, achieving 62% of the full-year target of 15 million square feet.
Cash Collections: Cash collections reached ₹7,017 crore, representing 47% of the company's full-year guidance of ₹15,000 crore.
Business Development: Expected booking value for business development stood at 63% of the full-year projection of ₹20,000 crore.

Strong Financial Performance

Godrej Properties posted a consolidated net profit of ₹335 crore for the September quarter, a massive jump from ₹67 crore in the same period last year. The profit was buoyed by a tax write-back of ₹169 crore. Additionally, the company recorded a revenue of ₹1,093 crore for the quarter, significantly up from ₹343 crore in the corresponding quarter last year.

While the area sold during the quarter declined by 2% to 5.15 million square feet, the booking value increased by 3% to ₹5,198 crore. Customer collections surged by an impressive 68% year-on-year, reaching ₹4,005 crore for the quarter.

On Track to Achieve Full-Year Guidance

In its investor presentation, Godrej Properties reaffirmed that it is on track to achieve its full-year guidance across all major parameters. The company’s leadership remains confident of maintaining this momentum through the rest of the year.

Stock Performance

Following the announcement of the results, shares of Godrej Properties rose by 1.7%, reaching ₹2,957.45. The stock has shown a strong upward trend in 2024, registering a 47% increase year-to-date.

With strong financials and solid execution in place, Godrej Properties continues to make significant strides towards achieving its full-year targets for FY25.