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 multi-fold growth in bookings, operating cash flow, and earnings.

• Booking value grew 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.

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; adjusted EBITDA margin reached 52%; net profit margin improved to 31.8%.

• EPS for Q1 FY25 was INR 18.70, up from INR 4.59 in Q1 FY24.

• Standalone profit after tax rose to ₹491.32 crore; consolidated profit after tax increased to ₹518.80 crore.

Outlook and guidance

• Confident of meeting or exceeding annual guidance of INR 27,000 crore in bookings and INR 15,000 crore in collections, with 15 million sq ft in deliveries.

• Achieved 32% of annual booking value target and 20% of collections target in Q1 FY25.

• 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 support continued growth.