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Results
08-Aug-21
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Analysis
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Godrej Properties
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Expect to see very strong sales momentum in the remainder of FY22
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Consolidated net sales (including other operating income) of Godrej Properties for the
quarter ended Jun 2021 has increased 19.19% to Rs 86.16 crore. Operating
profit margin was negative 73.7% against negative 74.1% in corresponding
previous period. Thus operating loss was higher by 19% to Rs 63.53 crore. Other income rose 42.52% to Rs 175.83
crore. Provision for interest fell 16.41% to Rs 41.71
crore. Provision for depreciation rose 14.67% to Rs 5.08
crore. Profit before tax grew 322.65% to Rs 65.51 crore.
Provision for tax was expense of Rs 18.63 crore, compared to Rs 4.57
crore. Thus PAT jumped 329% to Rs 46.88 crore. Share
of loss from associate/jv was down 1.06% at Rs 29.87 crore. Minority
interest was nil in both the periods. Thus the net profit
attributable to owners was a profit of RS 17.01 crore compared to a loss of Rs
19.26 crore in the corresponding previous period.
Other
highlights
Construction
activity continued at most of the sites during the lockdown, albeit at a slower
pace. The workforce strength stood at 131% of our pre-COVID strength as of June
end
Q1
FY22 witnessed total booking value of INR 497 crore and total booking volume of
0.77 million sq. ft. as compared to total booking value of INR 1,531 crore and
total booking volume of 2.51 million sq. ft. in Q1 FY21
Leased
over 1 lakh sq. ft. of office space at Godrej Two, despite two months of
lockdown
Delivered
~0.5 million sq. ft. in Pune in Q1 FY22
Management comment
Commenting
on the performance of Q1 FY2022, Mr. Pirojsha Godrej, Executive Chairman,
Godrej Properties Limited, said: “Our focus in the first quarter was on
ensuring the safety and wellbeing of our workforce. The quarter has been
disappointing operationally due to the impact of the second wave. Sales in June
and July were 384% higher than those in April and May and we expect to see very
strong sales momentum in the remainder of the financial year given a large
number of launches that are planned. We also expect significant portfolio
additions this financial year, which will benefit the medium-term growth trajectory
of our business. Our team was encouraged to score the highest rating amongst
all real estate developers in the ESG ratings by CRISIL and looks forward to
building on this in the years ahead.”
Other developments
Promoters’ stake was 58.43% as of 30 June 2021, compared to 64.44% as of
30 June 2020.
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Godrej
Properties: Consolidated Results
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2106
(3)
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2006
(3)
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Var.
(%)
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2103
(12)
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Sales
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86.16
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72.29
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19
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764.92
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OPM (%)
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-73.7
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-74.1
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-43.6
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OP
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-63.53
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-53.54
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19
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-333.36
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Other
inc.
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175.83
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123.37
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43
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568.17
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PBIDT
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112.30
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69.83
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61
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234.81
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Interest
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41.71
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49.90
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-16
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184.86
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PBDT
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70.59
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19.93
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254
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49.95
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Dep.
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5.08
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4.43
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15
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19.54
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PBT
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65.51
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15.50
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323
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30.41
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Taxation
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18.63
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4.57
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308
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103.77
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PAT
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46.88
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10.93
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329
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-73.36
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Share
of Profit/(Loss) from Associates
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-29.87
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-30.19
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-1
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-116.07
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Minority
Interest (MI)
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0.00
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0.00
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0.00
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Net
profit
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17.01
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-19.26
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-188
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-189.43
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EPS
(Rs)*
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#
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#
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-6.8
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* EPS
is on current equity of Rs 138.99 crore, Face value of Rs 5
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# EPS
is not annualised due to seasonality of business
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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