Godrej Properties (GODREJPROP) Q4 15/16 earnings summary

Executive summary

• FY16 was a record year for bookings, deliveries, revenue, EBITDA, net profit and net operating cash flow, despite weak real estate market conditions.

• Booking value rose 88% YoY to ₹5,038 crore, the highest reported by a publicly listed Indian real estate developer in FY16.

Financial highlights

• Consolidated total income rose 42% to ₹2,728.08 crore from ₹1,926.56 crore; revenue from operations was ₹2,633.96 crore vs ₹1,843.09 crore.

• Consolidated EBITDA rose 30% to ₹445 crore; PBT increased 27% to ₹414.21 crore from ₹325.97 crore.

• Consolidated PAT after minority interest rose 21% to ₹231.10 crore from ₹190.91 crore.

• FY16 deliveries reached 0.56 million sq. m., up 71% YoY; residential accounted for 0.39 million sq. m. and commercial for 0.17 million sq. m.

Outlook and guidance

• FY17 priorities include scaling business development, supported by GRIP II funding and a strong deal pipeline; FY17 was targeted as the best year for new project additions.

• An FY17 launch pipeline, strong sales and improving commercial conditions were expected to support growth and free cash flow generation.

• Remaining commercial inventory was targeted for sale in FY17, enabling capital release and redeployment into new projects.