Capitaline

Results 03-May-22

Analysis

Godrej Properties

Sales jump 208% in Q4Fy22 on strong delivery of 5.8 million sq. ft.

Consolidated net sales (including other operating income) of Godrej Properties for the quarter ended Mar 2022 has increased 207.56% to Rs 1330.64 crore. Operating profit margin (OPM) has turned from negative 35.62% to positive 19.39%, Operating profit for the quarter stood at Rs 257.98 crore compared to loss of Rs 154.12 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 77.17% to 73.77%. Employee cost decreased from 28.26% to 1.83%. Other expenses fell from 17.07% to 8.08%.

Other income rose 33.81% to Rs 191.93 crore. PBIDT stood at Rs 449.91 crore compared to loss of Rs 10.68 crore. Provision for interest rose 5.52% to Rs 43.01 crore. Loan funds rose to Rs 5,196.23 crore as of 31 March 2022 from Rs 4,592.54 crore as of 31 March 2021. Inventories rose to Rs 5,668.31 crore as of 31 March 2022 from Rs 4,801.41 crore as of 31 March 2021. Sundry debtors were lower at Rs 191.69 crore as of 31 March 2022 compared to Rs 250.73 crore as of 31 March 2021. Cash and bank balance rose to Rs 1,338.51 crore as of 31 March 2022 from Rs 673.25 crore as of 31 March 2021. Investments declined from Rs 5,242.56 crore as of 31 March 2021 to Rs 4,882.96 crore as of 31 March 2022.

PBDT stood at Rs 406.90 crore compared to loss of Rs 51.44 crore. Provision for depreciation rose 7.62% to Rs 5.65 crore. Fixed assets increased to Rs 502.87 crore as of 31 March 2022 from Rs 403.80 crore as of 31 March 2021. Intangible assets increased from Rs 0.04 crore to Rs 20.37 crore.

Profit before tax reported profit of Rs 401.25 crore compared to loss of Rs 56.69 crore. Share of profit/loss was 31.35% higher at Rs -46.85 crore. Provision for tax was expense of Rs 95.75 crore, compared to Rs 66.64 crore. Effective tax rate was 27.02% compared to negative 53.34%. Minority interest was nil in both the periods. Net profit after MI was a profit of Rs 260.47 crore against a loss of Rs 191.57 crore.

Yearly performance

Net sales (including other operating income) of Godrej Properties has increased 138.57% to Rs 1824.88 crore.

Operating profit margin (OPM) has turned from negative 43.58% to positive 7.30%, Operating profit for the quarter stood at Rs 133.16 crore compared to loss of Rs 333.36 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 91.23% to 76.74%. Employee cost decreased from 9.06% to 4.06%. Other expenses rose from 9.79% to 14.29%.

Other income rose 33.91% to Rs 760.81 crore. PBIDT rose 280.72% to Rs 893.97 crore. Provision for interest fell 9.40% to Rs 167.48 crore. PBDT rose 1,354.43% to Rs 726.49 crore. Provision for depreciation rose 9.67% to Rs 21.43 crore. Profit before tax grew 2,218.51% to Rs 705.06 crore. Share of profit/loss was 62.60% lower at Rs -188.73 crore. Provision for tax was expense of Rs 165.78 crore, compared to Rs 103.64 crore. Effective tax rate was 32.11% compared to negative 120.99%.

Minority interest was nil in both the periods. Net profit after MI was a profit of Rs 352.37 crore against a loss of Rs 189.3 crore.

Management Comment

Commenting on the performance of Q4 FY2022, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said: “The real estate sector has strengthened during FY22 and we expect strong growth for the sector over the next few years. We are pleased to close the financial year with our best ever annual sales, cash collections, and earnings. With a robust launch pipeline, strong balance sheet and sectoral tailwinds, we look forward to building on this momentum in FY23.”

Other developments

Q4 FY22 witnessed total booking value growth of 23% YoY and 111% QoQ to INR 3,248 crore with 4.24 million sq. ft. of area sold during the quarter

FY22 booking value grew by 17% to Rs 7,861 crore through total sales of 10.84 million sq. ft.

Added 3 new projects with saleable area of ~6.1 million sq. ft. in Q4 FY22

Highest ever quarterly collection of Rs 2,678 crore leading to net operating cash flow of Rs 1,045 crore in Q4 FY22

Delivered ~5.8 million sq. ft. across 5 cities in Q4 FY22

Others

Equity capital increased from Rs 138.97 crore as of 31 March 2021 to Rs 138.99 crore as of 31 March 2022. Per share face Value remained same at Rs 5.00.

Promoters’ stake was 58.43% as of 31 March 2022 ,compared to 58.44% as of 31 March 2021 .

Loan funds rose to Rs 5,196.23 crore as of 31 March 2022 from Rs 4,592.54 crore as of 31 March 2021. Inventories rose to Rs 5,668.31 crore as of 31 March 2022 from Rs 4,801.41 crore as of 31 March 2021. Sundry debtors were lower at Rs 191.69 crore as of 31 March 2022 compared to Rs 250.73 crore as of 31 March 2021. Cash and bank balance rose to Rs 1,338.51 crore as of 31 March 2022 from Rs 673.25 crore as of 31 March 2021. Investments declined from Rs 5,242.56 crore as of 31 March 2021 to Rs 4,882.96 crore as of 31 March 2022.

Fixed assets increased to Rs 502.87 crore as of 31 March 2022 from Rs 403.80 crore as of 31 March 2021. Intangible assets increased from Rs 0.04 crore to Rs 20.37 crore.

Cash flow from operating activities increased to negative Rs -451.68 crore for year ended March 2022 from negative Rs -671.21 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 146.41 crore, compared to Rs 128.32 crore during the year ended March 2021.

Godrej Properties : Consolidated Results

	Quarter ended			Year ended
Particulars	202203	202103	Var.(%)	202203	202103	Var.(%)
Net Sales (including other operating income)	1,330.64	432.64	207.56	1,824.88	764.92	138.57
OPM (%)	19.39	-35.62	5,501 bps	7.30	-43.58	5,088 bps
OP	257.98	-154.12	LP	133.16	-333.36	LP
Other Inc.	191.93	143.44	33.81	760.81	568.17	33.91
PBIDT	449.91	-10.68	LP	893.97	234.81	280.72
Interest	43.01	40.76	5.52	167.48	184.86	-9.40
PBDT	406.90	-51.44	LP	726.49	49.95	1,354.43
Depreciation	5.65	5.25	7.62	21.43	19.54	9.67
PBT	401.25	-56.69	LP	705.06	30.41	2,218.51
Share of Profit/(Loss) from Associates	-46.85	-68.24	31.35	-188.73	-116.07	-62.60
PBT before EO	354.4	-124.93	LP	516.33	-85.66	LP
EO Income	0	0	-	0	0	-
PBT after EO	354.4	-124.93	LP	516.33	-85.66	LP
Taxation	95.75	66.64	43.68	165.78	103.64	59.96
PAT	258.65	-191.57	LP	350.55	-189.3	LP
Minority Interest (MI)	-1.82	0	-	-1.82	0	-
Net profit	260.47	-191.57	LP	352.37	-189.3	LP
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	260.47	-191.57	LP	352.37	-189.3	LP
EPS (Rs)*	9.37	-6.89	LP	12.68	-6.81	LP

* EPS is on current equity of Rs 138.99 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

Previous News

Godrej Properties
( Results - Analysis 05-Aug-23 11:20 )

Godrej Properties
( Results - Analysis 03-Mar-24 16:31 )

Godrej Properties announces cessation of director
( Corporate News - 02-Aug-23 17:42 )

Godrej Prop board OKs Rs 1,500-cr NCD issue
( Hot Pursuit - 15-Sep-23 11:53 )

Godrej Properties appoints director
( Corporate News - 02-Aug-23 15:04 )

Godrej Properties spurts after booking value surges to Rs 9,500 cr in Q4
( Hot Pursuit - 09-Apr-24 16:59 )

Godrej Properties schedules board meeting
( Corporate News - 27-Sep-24 10:13 )

Godrej Properties acquires 3-acre land in Kokapet, Hyderabad
( Corporate News - 14-Mar-24 09:19 )

Godrej Properties Ltd Spurts 5.57%, S&P BSE Realty Index index Rises 1.43%
( Hot Pursuit - 10-Apr-23 09:30 )

Godrej Properties achieves highest ever quarterly and annual sales
( Corporate News - 10-Apr-23 09:28 )

Godrej Properties receives affirmation in rating for CPs
( Corporate News - 22-Jun-23 09:02 )