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Consolidated net sales (including other operating income) of Godrej Properties for the quarter ended Jun 2023 has increased 282.59% to Rs 936.09 crore. Operating profit margin has declined from negative 5.80% to negative 15.94%, leading to 952.19% decline in operating profit to Rs -149.20 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 87.83% to 81.46%. Employee cost increased from 3.11% to 4.30%. Other expenses rose from 10.34% to 25.08%. Other income rose 81.53% to Rs 329.89 crore. PBIDT rose 7.84% to Rs 180.69 crore. Provision for interest fell 13.95% to Rs 29.67 crore. PBDT rose 13.49% to Rs 151.02 crore. Provision for depreciation rose 26.69% to Rs 6.93 crore. Profit before tax grew 12.92% to Rs 144.09 crore. Provision for tax was expense of Rs 59.23 crore, compared to Rs 32.65 crore. Effective tax rate was 30.70% compared to 42.98%. Net profit attributable to owners of the company increased 174.29% to Rs 124.94 crore.
Other Highlights
Added 4 new projects with a total estimated saleable area of ~3.7 million sq. ft. and
total estimated booking value of ~INR 6,450 Crore in April-July 2023
Delivered ~4.9 million sq. ft. across 4 markets in Q1 FY24
Collections grew by 26% to INR 1,954 crore in Q1 FY24, leading to net operating cash
flow growth of 436% to INR 118 crore in Q1 FY24
Management Comments :
Commenting on the performance of Q1 FY2024, Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said: “While it was a muted start to the year from a bookings perspective, Godrej Properties saw strong traction in deliveries, business development, cash collections, and earnings in Q1 FY 24. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to achieve our bookings target of INR 14,000 crore in FY24 while also achieving our highest ever deliveries and collections performance.” Promoters’ stake was 58.48% as of 30 June 2023 ,compared to 58.43% as of 30 June 2022 . Promoters’ stake was 58.48% as of 30 June 2023 ,compared to 58.48% as of 31 March 2023 .
| Godrej Properties : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
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| Net Sales (including other operating income) | 936.09 | 244.67 | 282.59 | 2,252.26 | 1,824.88 | 23.42 | | OPM (%) | -15.94 | -5.80 | -1,014 bps | 10.99 | 7.30 | 370 bps | | OP | -149.20 | -14.18 | -952.19 | 247.63 | 133.16 | 85.96 | | Other Inc. | 329.89 | 181.73 | 81.53 | 786.74 | 760.81 | 3.41 | | PBIDT | 180.69 | 167.55 | 7.84 | 1,034.37 | 893.97 | 15.71 | | Interest | 29.67 | 34.48 | -13.95 | 174.23 | 167.48 | 4.03 | | PBDT | 151.02 | 133.07 | 13.49 | 860.14 | 726.49 | 18.40 | | Depreciation | 6.93 | 5.47 | 26.69 | 24.14 | 21.43 | 12.65 | | PBT | 144.09 | 127.60 | 12.92 | 836 | 705.06 | 18.57 | | Share of Profit/(Loss) from Associates | 48.83 | -51.64 | LP | -40.73 | -188.73 | 78.42 | | PBT before EO | 192.92 | 75.96 | 153.98 | 795.27 | 516.33 | 54.02 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 192.92 | 75.96 | 153.98 | 795.27 | 516.33 | 54.02 | | Taxation | 59.23 | 32.65 | 81.41 | 174.67 | 165.78 | 5.36 | | PAT | 133.69 | 43.31 | 208.68 | 620.6 | 350.55 | 77.04 | | Minority Interest (MI) | 8.75 | -2.24 | PL | 49.21 | -1.82 | PL | | Net profit | 124.94 | 45.55 | 174.29 | 571.39 | 352.37 | 62.16 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 124.94 | 45.55 | 174.29 | 571.39 | 352.37 | 62.16 | | EPS (Rs)* | 4.49 | 1.64 | 174.29 | 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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