Consolidated net sales (including
other operating income) of Godrej Properties for the quarter ended Mar 2023 has
increased 23.72% to Rs 1646.27 crore. Operating profit margin has
jumped from 19.39% to 21.02%, leading to 34.12% rise in operating profit to Rs
346.01 crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 73.77% to 75.87%. Employee cost increased
from 1.83% to 4.06%. Other expenses fell from 8.08% to 7.34%. Other
income rose 0.32% to Rs 192.55 crore. PBIDT rose 19.70% to Rs 538.56
crore. Provision for interest rose 24.46% to Rs 53.53
crore. PBDT rose 19.20% to Rs 485.03 crore. Provision
for depreciation rose 16.46% to Rs 6.58 crore. Profit before tax
grew 19.24% to Rs 478.45 crore. Provision for tax was expense of Rs
115.86 crore, compared to Rs 95.75 crore. Effective tax rate was
20.34% compared to 27.02%. Net profit attributable to owners of the company increased
58.23% to Rs 412.14 crore.
Full year results analysis Net sales (including other
operating income) of Godrej Properties has increased 23.42% to Rs 2252.26
crore. Operating profit margin has jumped from 7.30% to 10.99%,
leading to 85.96% rise in operating profit to Rs 247.63 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
76.74% to 86.46%. Employee cost decreased from 4.06% to 2.93%.
Other expenses fell from 14.29% to 7.29%. Other income rose 3.41% to Rs
786.74 crore. PBIDT rose 15.71% to Rs 1034.37
crore. Provision for interest rose 4.03% to Rs 174.23
crore. PBDT rose 18.40% to Rs 860.14 crore. Provision
for depreciation rose 12.65% to Rs 24.14 crore. Profit before tax grew 18.57% to
Rs 836.00 crore. Share of profit/loss was 78.42% higher at Rs -40.73
crore. Provision for tax was expense of Rs 174.67 crore, compared to
Rs 165.78 crore. Effective tax rate was 21.96% compared to 32.11%. Net profit attributable to owners
of the company increased 62.16% to Rs 571.39 crore. Key business developments Added 5 new projects with a total
estimated saleable area of nearly 9 million sq. ft. and total estimated booking
value of ~INR 5,750 Crore in Q4 FY23. For FY23, added 18 new projects with an
estimated revenue potential of ~INR 32,000 crore, more than double the BD
guidance of INR 15,000 Crore of estimated booking value for FY23. Q4 FY23 witnessed total booking
value growth of 25% YoY and QoQ to INR 4,051 crore with 5.25 million sq. ft. of
area sold during the quarter FY22 booking value grew by 56% to
INR 12,232 crore on back of both an improving project mix as well as strong
volume growth of 40% to 15.21 million sq. ft. Highest ever quarterly and annual
project deliveries with projects aggregating ~8 million sq. ft. and ~10.5
million sq. ft. delivered in Q4 FY23 and FY23 respectively. Management comment Commenting on the performance of
Q4 FY2023, Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties
Limited, said: “Residential real estate demand in India has been strong
throughout FY 23 and leading developers have benefited from both sectoral
growth as well as market share gains. Godrej Properties delivered a
well-rounded performance in FY 23 registering its best ever business
development, bookings, cash collections, earnings, and deliveries. With a
robust launch pipeline, strong balance sheet, and sectoral tailwinds, we are
confident of building on this momentum in FY24.” Other developments Equity capital increased from Rs
138.99 crore as of 31 March 2022 to Rs 139.01 crore as of 31 March
2023. Per share face Value remained same at Rs 5.00. Promoters’ stake was 58.48% as of
31 March 2023 ,compared to 58.43% as of 31 March 2022 . Loan funds rose to Rs 6,430.76
crore as of 31 March 2023 from Rs 5,196.23 crore as of 31 March
2022. Inventories rose to Rs 12,073.40 crore as of 31 March 2023
from Rs 5,668.31 crore as of 31 March 2022. Sundry debtors were
higher at Rs 359.38 crore as of 31 March 2023 compared to Rs 191.69 crore as of
31 March 2022. Cash and bank balance rose to Rs 2,015.94 crore as of
31 March 2023 from Rs 1,338.51 crore as of 31 March
2022. Investments declined from Rs 4,882.96 crore as of 31 March
2022 to Rs 2,534.46 crore as of 31 March 2023. Fixed assets
increased to Rs 870.90 crore as of 31 March 2023 from Rs 523.20 crore as of 31
March 2022. Intangible assets increased from Rs 0.04 crore to Rs
0.07 crore. Cash flow from operating
activities decreased to negative Rs -2,860.64 crore for year ended March 2023
from negative Rs -451.68 crore for year ended March 2022. Cash flow
used in acquiring fixed assets during the year ended March 2023 stood at Rs
305.85 crore, compared to Rs 146.41 crore during the year ended March
2022.
Godrej Properties : Consolidated Results | | Quarter ended | Year ended |
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Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
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Net Sales (including other operating income) | 1,646.27 | 1,330.64 | 23.72 | 2,252.26 | 1,824.88 | 23.42 | OPM (%) | 21.02 | 19.39 | 163 bps | 10.99 | 7.30 | 370 bps | OP | 346.01 | 257.98 | 34.12 | 247.63 | 133.16 | 85.96 | Other Inc. | 192.55 | 191.93 | 0.32 | 786.74 | 760.81 | 3.41 | PBIDT | 538.56 | 449.91 | 19.70 | 1,034.37 | 893.97 | 15.71 | Interest | 53.53 | 43.01 | 24.46 | 174.23 | 167.48 | 4.03 | PBDT | 485.03 | 406.90 | 19.20 | 860.14 | 726.49 | 18.40 | Depreciation | 6.58 | 5.65 | 16.46 | 24.14 | 21.43 | 12.65 | PBT | 478.45 | 401.25 | 19.24 | 836 | 705.06 | 18.57 | Share of Profit/(Loss) from Associates | 91.28 | -46.85 | LP | -40.73 | -188.73 | 78.42 | PBT before EO | 569.73 | 354.4 | 60.76 | 795.27 | 516.33 | 54.02 | EO Income | 0 | 0 | - | 0 | 0 | - | PBT after EO | 569.73 | 354.4 | 60.76 | 795.27 | 516.33 | 54.02 | Taxation | 115.86 | 95.75 | 21.00 | 174.67 | 165.78 | 5.36 | PAT | 453.87 | 258.65 | 75.48 | 620.6 | 350.55 | 77.04 | Minority Interest (MI) | 41.73 | -1.82 | PL | 49.21 | -1.82 | PL | Net profit | 412.14 | 260.47 | 58.23 | 571.39 | 352.37 | 62.16 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 412.14 | 260.47 | 58.23 | 571.39 | 352.37 | 62.16 | EPS (Rs)* | 14.82 | 9.37 | 58.23 | 20.55 | 12.67 | 62.16 | | * 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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