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Results
06-Feb-23
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Analysis
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Godrej Properties
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Sales down 30%, net up 51%
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Consolidated net sales (including other operating income) of Godrej Properties for the quarter ended Dec 2022 has declined 29.61% to Rs 196.23 crore. Operating profit margin has declined from negative 1.84% to negative 8.56%, leading to 227.93% decline in operating profit to Rs -16.79 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 84.24% to 95.99%. Employee cost decreased from 3.08% to 1.26%. Other expenses fell from 13.50% to 3.34%. Other income rose 10.74% to Rs 208.35 crore. PBIDT rose 4.66% to Rs 191.56 crore. Provision for interest rose 9.58% to Rs 45.65 crore. PBDT rose 3.21% to Rs 145.91 crore. Provision for depreciation rose 18.68% to Rs 6.48 crore. Profit before tax grew 2.59% to Rs 139.43 crore. Share of profit/loss was 43.91% higher at Rs -38.11 crore. Provision for tax was expense of Rs 44.92 crore, compared to Rs 28.95 crore. Effective tax rate was 44.33% compared to 42.59%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 50.54% to Rs 58.74 crore. Nine month performance Net sales (including other operating income) of Godrej Properties has increased 22.61% to Rs 605.99 crore. Operating profit margin has jumped from negative 25.25% to negative 16.23%, leading to 21.18% rise in operating profit to Rs -98.38 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 80.89% to 92.53%. Employee cost decreased from 7.18% to 2.28%. Other expenses fell from 22.95% to 7.26%. Other income rose 4.45% to Rs 594.19 crore. PBIDT rose 11.65% to Rs 495.81 crore. Provision for interest fell 3.03% to Rs 120.7 crore. PBDT rose 17.37% to Rs 375.11 crore. Provision for depreciation rose 11.28% to Rs 17.56 crore. Profit before tax grew 17.69% to Rs 357.55 crore. Share of profit/loss was 6.96% higher at Rs -132.01 crore. Provision for tax was expense of Rs 58.81 crore, compared to Rs 70.25 crore. Effective tax rate was 26.08% compared to 43.38%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 73.70% to Rs 159.25 crore.
Management Comments :
Commenting on the performance of Q3 FY2023, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said: “Residential real estate demand in India has remained strong and we believe the cyclical upturn in the sector will gain further momentum in the years ahead providing significant opportunities for leading developers to participate in sectoral growth while also gaining market share. The two highlights in the third quarter were that GPL registered its best ever quarter for both sales bookings and business development. This leaves us well positioned to surpass our FY 23 bookings guidance of 10,000 crore and to sharply grow on this base in the years ahead.”
Promoters’ stake was 58.48% as of 31 December 2022 ,compared to 58.43% as of 31 December 2021 . | Godrej Properties : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 196.23 | 278.76 | -29.61 | 605.99 | 494.24 | 22.61 | 1,824.88 | 764.92 | 138.57 | | OPM (%) | -8.56 | -1.84 | -672 bps | -16.23 | -25.25 | 902 bps | 7.30 | -43.58 | 5,088 bps | | OP | -16.79 | -5.12 | -227.93 | -98.38 | -124.82 | 21.18 | 133.16 | -333.36 | LP | | Other Inc. | 208.35 | 188.15 | 10.74 | 594.19 | 568.88 | 4.45 | 760.81 | 568.17 | 33.91 | | PBIDT | 191.56 | 183.03 | 4.66 | 495.81 | 444.06 | 11.65 | 893.97 | 234.81 | 280.72 | | Interest | 45.65 | 41.66 | 9.58 | 120.70 | 124.47 | -3.03 | 167.48 | 184.86 | -9.40 | | PBDT | 145.91 | 141.37 | 3.21 | 375.11 | 319.59 | 17.37 | 726.49 | 49.95 | 1,354.43 | | Depreciation | 6.48 | 5.46 | 18.68 | 17.56 | 15.78 | 11.28 | 21.43 | 19.54 | 9.67 | | PBT | 139.43 | 135.91 | 2.59 | 357.55 | 303.81 | 17.69 | 705.06 | 30.41 | 2,218.51 | | Share of Profit/(Loss) from Associates | -38.11 | -67.94 | 43.91 | -132.01 | -141.88 | 6.96 | -188.73 | -116.07 | -62.60 | | PBT before EO | 101.32 | 67.97 | 49.07 | 225.54 | 161.93 | 39.28 | 516.33 | -85.66 | LP | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 101.32 | 67.97 | 49.07 | 225.54 | 161.93 | 39.28 | 516.33 | -85.66 | LP | | Taxation | 44.92 | 28.95 | 55.16 | 58.81 | 70.25 | -16.28 | 165.78 | 103.64 | 59.96 | | PAT | 56.4 | 39.02 | 44.54 | 166.73 | 91.68 | 81.86 | 350.55 | -189.3 | LP | | Minority Interest (MI) | -2.34 | 0 | - | 7.48 | 0 | - | -1.82 | 0 | - | | Net profit | 58.74 | 39.02 | 50.54 | 159.25 | 91.68 | 73.70 | 352.37 | -189.3 | LP | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 58.74 | 39.02 | 50.54 | 159.25 | 91.68 | 73.70 | 352.37 | -189.3 | LP | | EPS (Rs)* | 2.11 | 1.40 | 50.54 | 5.73 | 3.30 | 73.70 | 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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