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Consolidated net sales of Godrej Properties for the quarter ended Sep 2022 has increased 27.66% to Rs 165.09 crore. Operating profit margin has jumped from negative 43.43% to negative 40.83%, leading to 19.99% decline in operating profit to Rs -67.40 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 76.86% to 86.37%. Employee cost decreased from 9.26% to 4.89%. Other expenses fell from 32.19% to 17.52%. Other income fell 0.39% to Rs 204.11 crore. PBIDT fell 8.08% to Rs 136.71 crore. Provision for interest fell 1.29% to Rs 40.57 crore. PBDT fell 10.68% to Rs 96.14 crore. Provision for depreciation rose 7.06% to Rs 5.61 crore. Profit before tax down 11.58% to Rs 90.53 crore. Share of profit/loss was 4.11% higher at Rs -42.26 crore. Provision for tax was credit of Rs 18.76 crore, compared to debit of Rs 22.59 crore. Effective tax rate was negative 38.86% compared to 38.73%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 53.82% to Rs 54.96 crore. Half yearly performance
Net sales (including other operating income) of Godrej Properties has increased 90.16% to Rs 409.76 crore. Operating profit margin has jumped from negative 55.55% to negative 19.91%, leading to 31.84% rise in operating profit to Rs -81.59 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 76.87% to 87.23%. Employee cost decreased from 12.10% to 3.84%. Other expenses fell from 34.30% to 13.28%.
Other income rose 1.34% to Rs 385.84 crore. PBIDT rose 16.56% to Rs 304.25 crore. Provision for interest fell 9.37% to Rs 75.05 crore. Loan funds rose to Rs 5,382.35 crore as of 30 September 2022 from Rs 4,799.26 crore as of 30 September 2021. Inventories rose to Rs 7,142.64 crore as of 30 September 2022 from Rs 5,105.65 crore as of 30 September 2021. Sundry debtors were lower at Rs 212.89 crore as of 30 September 2022 compared to Rs 213.00 crore as of 30 September 2021. Cash and bank balance rose to Rs 908.56 crore as of 30 September 2022 from Rs 620.35 crore as of 30 September 2021. Investments declined from Rs 4,908.72 crore as of 30 September 2021 to Rs 4,489.39 crore as of 30 September 2022. PBDT rose 28.61% to Rs 229.2 crore. Provision for depreciation rose 7.36% to Rs 11.08 crore. Fixed assets increased to Rs 596.41 crore as of 30 September 2022 from Rs 408.16 crore as of 30 September 2021. Intangible assets declined from Rs 20.71 crore to Rs 19.19 crore. Profit before tax grew 29.91% to Rs 218.12 crore. Share of profit/loss was 26.99% lower at Rs -93.9 crore. Provision for tax was expense of Rs 13.89 crore, compared to Rs 41.19 crore. Effective tax rate was 11.18% compared to 43.84%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 90.47% to Rs 100.51 crore. Equity capital increased from Rs 138.99 crore as of 30 September 2021 to Rs 139.01 crore as of 30 September 2022. Per share face Value remained same at Rs 5.00. Promoters’ stake was 58.48% as of 30 September 2022 ,compared to 58.43% as of 30 September 2021 . Cash flow from operating activities decreased to negative Rs -917.41 crore for YTD ended September 2022 from negative Rs -105.54 crore for YTD ended September 2021. Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 111.27 crore, compared to Rs 50.83 crore during the YTD ended September 2021. Other key developments Q2FY23 witnessed total booking value of Rs 2409 crore and total booking volume
of 2.71 million sq. ft. Launches 4 new project/phase across 3 cities Added 2 new projects in MMR and Bangalore with an expected booking value of 1,950 crore
Management Comments :
Commenting on the performance of Q2 FY2023, Mr. Pirojsha Godrej, Executive
Chairman, Godrej Properties Limited, said:
“While the global macroeconomic environment deteriorated in the second quarter, India’s
economy continues to outperform and residential real estate demand continues to remain
robust. At the halfway mark of the financial year, we are confident of achieving our booking
value guidance of 10,000 crore for FY 23. We are witnessing a lot of momentum in business development and hope to deliver GPL’s
best ever year for new project additions through strong momentum in the second half of the
year. This in turn will ensure that the sharp increase in booking value this year is continued in
the years ahead.”
| Godrej Properties : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 165.09 | 129.32 | 27.66 | 409.76 | 215.48 | 90.16 | 1,824.88 | 764.92 | 138.57 | | OPM (%) | -40.83 | -43.43 | 261 bps | -19.91 | -55.55 | 3,564 bps | 7.30 | -43.58 | 5,088 bps | | OP | -67.40 | -56.17 | -19.99 | -81.59 | -119.70 | 31.84 | 133.16 | -333.36 | LP | | Other Inc. | 204.11 | 204.90 | -0.39 | 385.84 | 380.73 | 1.34 | 760.81 | 568.17 | 33.91 | | PBIDT | 136.71 | 148.73 | -8.08 | 304.25 | 261.03 | 16.56 | 893.97 | 234.81 | 280.72 | | Interest | 40.57 | 41.10 | -1.29 | 75.05 | 82.81 | -9.37 | 167.48 | 184.86 | -9.40 | | PBDT | 96.14 | 107.63 | -10.68 | 229.20 | 178.22 | 28.61 | 726.49 | 49.95 | 1,354.43 | | Depreciation | 5.61 | 5.24 | 7.06 | 11.08 | 10.32 | 7.36 | 21.43 | 19.54 | 9.67 | | PBT | 90.53 | 102.39 | -11.58 | 218.12 | 167.9 | 29.91 | 705.06 | 30.41 | 2,218.51 | | Share of Profit/(Loss) from Associates | -42.26 | -44.07 | 4.11 | -93.9 | -73.94 | -26.99 | -188.73 | -116.07 | -62.60 | | PBT before EO | 48.27 | 58.32 | -17.23 | 124.22 | 93.96 | 32.21 | 516.33 | -85.66 | LP | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 48.27 | 58.32 | -17.23 | 124.22 | 93.96 | 32.21 | 516.33 | -85.66 | LP | | Taxation | -18.76 | 22.59 | LP | 13.89 | 41.19 | -66.28 | 165.78 | 103.64 | 59.96 | | PAT | 67.03 | 35.73 | 87.60 | 110.33 | 52.77 | 109.08 | 350.55 | -189.3 | LP | | Minority Interest (MI) | 12.07 | 0 | - | 9.82 | 0 | - | -1.82 | 0 | - | | Net profit | 54.96 | 35.73 | 53.82 | 100.51 | 52.77 | 90.47 | 352.37 | -189.3 | LP | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 54.96 | 35.73 | 53.82 | 100.51 | 52.77 | 90.47 | 352.37 | -189.3 | LP | | EPS (Rs)* | 1.38 | 1.29 | 7.11 | 3.62 | 1.90 | 90.47 | 12.67 | -6.81 | LP | | | * EPS is on current equity of Rs 139.01 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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