Mumbai, February 04, 2022: Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the third quarter ended December 31, 2021.
CORPORATE HIGHLIGHTS:
Sales Highlights
· Q3 FY22 witnessed a total booking value of INR 1,541 crore and a total booking volume of 2.22 million sq. ft. as compared to a total booking value of INR 1,488 and a total booking volume of 2.40 million sq. ft. in Q3 FY21.
· 9M FY22 witnessed a total booking value of INR 4,613 crore and a total booking volume of 6.60 million sq. ft. as compared to a total booking value of INR 4,093 crore and total booking volume of 6.64 million sq. ft. in 9M FY21.
Business Development
Added 3 new projects with a saleable area of ~2.4 million sq. ft. in Q3 FY22
Sarjapur 5, Bangalore
· The project is an outright purchase of land in Sarjapur, Bangalore which has established itself as one of the most preferred residential locations with excellent connectivity to the IT/ITES belt at Bellandur on Outer Ring Road and several key hubs of the city
· Spread across approximately 16 acres, this project will offer approximately 1.5 million sq. ft. of saleable area comprising of residential apartments of various configurations
· The expected revenue potential from the project is approximately INR 900 crore
· It is a 100% owned project
Connaught Place, NCR
· The project is a joint venture with TDI group to develop an ultra-luxury residential project in Connaught Place, one of the most premium locations within the Central Business District of New Delhi
· The project is estimated to have a developable potential of approximately 0.13 million sq. ft. of the saleable area comprising primarily of residential apartments of various configurations
· The expected revenue potential from the project is approximately INR 650 crore
· GPL’s economic interest is 10% of revenue as DM fee and 50% of profit
Project under Commercial Platform:
Yerwada, Pune
· GPL has bought a 20% stake in a company to develop a commercial project with Godrej Fund Management under its commercial platform
· The project offers 0.80 million sq. ft. of leasable area
· GPL’s economic interest is 20% equity in the project-specific company
Other Highlights
· Delivered ~0.08 million sq. ft. in MMR in Q3 FY22
· 26 awards received in Q3 FY22
Commenting on the performance of Q3 FY2022, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said:
“It is encouraging to see that the real estate sector in India has continued to strengthen despite the challenges of the third wave. Our own sales were muted in the third quarter due to several planned launches seeing minor delays, but we believe the current quarter will be our best ever for residential sales. We are also focused on adding several exciting new projects to our portfolio, which will set us up well for a very strong FY23.”
Financial Overview (Consolidated)
Q3 FY22 performance overview compared with Q3 FY21
· Total Income* grew by 30% YoY to INR 399 crore as compared to INR 306 crore
· EBITDA grew by 42% YoY to INR 115 crore as compared to INR 81 crore
· Net profit grew by 171% to INR 39 crore as compared to INR 14 crore
· EPS# amounted to INR 1.40 as compared to INR 0.57
