Godrej Properties (GODREJPROP) Q4 10/11 earnings summary

Executive summary

• FY11 consolidated total income rose 43% to ₹558.9 crore; EBITDA increased 28% to ₹212.5 crore and net profit grew 7% to ₹130.9 crore.

• Bookings increased 132% to 3.2 million sq. ft. from 1.38 million sq. ft. in FY10, alongside launches in NCR, Chennai and Mangalore.

• Growth strategy centered on joint development, project execution and expanding in major Indian cities; 85% of the 83.6 million sq. ft. portfolio was secured through joint development.

Financial highlights

• FY11 consolidated total income ₹558.9 crore, up 43%; EBITDA ₹212.5 crore, up 28%; PBT ₹205.1 crore, up 26%; net profit ₹130.9 crore, up 7%.

• Q4 FY11 total income ₹333.53 crore, up 45% YoY; EBITDA ₹101.4 crore, up 34%; PBT ₹97.8 crore, up 31%; net profit ₹60.0 crore, up 4%.

• FY11 consolidated bookings reached 3.2 million sq. ft. versus 1.38 million sq. ft. in FY10; sales and operating income was ₹451.5 crore, up 86%.

• Standalone FY11 total income was ₹443.8 crore; PBT ₹155.6 crore, PAT ₹106.2 crore and EPS ₹15.20, versus ₹19.31 in FY10.

Outlook and guidance

• FY12 plans targeted new launches in Mumbai, Bengaluru, Chennai, Hyderabad and Pune, plus phases in Ahmedabad, Gurgaon and Kolkata.

• Hyderabad and Kochi launches were planned within 12 months; two townships were planned for Kalyan and Pune.

• Kolkata commercial projects nearing completion were expected to generate significant cash flows in FY12 and FY13.

• FY12 priorities included new joint ventures and Mumbai redevelopment, while maintaining capital efficiency through equity partners and joint development.