Godrej Properties (GODREJPROP) Q2 24/25 earnings summary

Executive summary

• Achieved highest-ever Q2 and H1 booking values, operating cash flows, and deliveries, with Q2 FY25 booking value up 3% YoY to INR 5,198 crore and H1 FY25 up 90% YoY to INR 13,835 crore, meeting 51% of annual guidance in H1 FY25.

• Delivered 6.6 million sq ft in Q2 FY25 across 3 cities, totaling 9.3 million sq ft YTD, with 7 new launches in 4 cities.

• Key markets NCR, Bengaluru, and MMR saw H1 FY25 bookings growth of 70%, 212%, and 114% respectively.

• Recognized for sustainability, ranking #1 globally in GRESB for three 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.

Financial highlights

• Q2 FY25 total income rose 135% YoY to INR 1,343 crore; H1 FY25 total income up 58% YoY to INR 2,981 crore.

• Q2 FY25 EBITDA up 69% to INR 282 crore (adjusted EBITDA 85% to INR 329 crore); H1 FY25 EBITDA up 167% to INR 1,056 crore (adjusted EBITDA 139% to INR 1,181 crore).

• Q2 FY25 net profit up 402% YoY to INR 335 crore; H1 FY25 net profit up 346% YoY to INR 855 crore, surpassing FY24 full-year earnings.

• 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, with robust launch calendar for H2 FY25.

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

• Expecting another record year for cash flow and earnings, with strong growth targeted for FY26.

• Targeting 20%-25% IRR on new projects and aiming for 25%-30% EBITDA margin through disciplined land acquisition.

• Deferred tax credit due to reduction in long-term capital gains tax positively impacted net profit.