Godrej Properties (GPL) advanced 2.08% to Rs 2,968 after the company's consolidated net profit soared to Rs 335.21 crore in Q2 FY25 as against Rs 66.80 crore posted in Q2 FY24.
Revenue from operations zoomed to Rs 1,093.23 crore in the quarter ended 30 September 2024 as compared to Rs 343 crore reported in the corresponding quarter previous year.Profit before tax stood at Rs 219.25 crore in Q2 FY25, registering a growth of 96.77% from Rs 111.42 crore recorded in Q2 FY24.
EBITDA grew by 68.86% to Rs 282 crore in the quarter ended 30 September 2024 as compared to Rs 167 crore posted in the same period a year ago.
The company reported a collection of Rs 4,005 crore for Q2 FY25, reflecting a year-on-year growth of 68%.
The company has achieved its highest booking value in Q2 FY25, with a YoY increase of 3% to Rs 5,198 crore from the sale of 5.15 million square feet (sq. ft.) of area. GPL has achieved 51% of its annual guidance for booking value for FY25.
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The company had launched seven new projects and phases during the quarter across four cities.
GPL has added 10 new projects in year-to-date FY25 with a total estimated saleable area of approximately 13.9 million sq. ft. and total estimated booking value potential of around Rs 17,450 crore. This included 6 new projects with an expected booking value of Rs 9,650 crore in Q2 and 2 new projects with an expected booking value of Rs 4,800 crores post-Q2. GPL has achieved 87% of its annual guidance for business development, the company stated in exchange filing.
On half year basis the companys consolidated net profit zoomed to Rs 855.26 crore in H1 FY25 as against Rs 191.74 crore posted in H1 FY24. The companys revenue from operation jumped 43.24% YoY to Rs 1,832.23 crore in H1 FY25.
Pirojsha Godrej, executive chairperson, Godrej Properties, said, Godrej Properties delivered a robust quarter with its highest ever Q2 and H1 bookings, collections, operating cashflows, and deliveries. With bookings growth of 56% in FY23, 84% in FY24 and 90% in H1 FY25, GPL has reset its scale. The benefit of this is clearly visible in our cash flows with collections growth of 68% and operating cash flow growth of 125% in Q2. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to significantly surpass our bookings target of Rs 27,000 crore in FY25 while also achieving our highest ever deliveries and collections.
The sectoral tailwinds for the residential real estate sector in India will continue over the next few years and we remain focused on building scale through continued market share gains and margin expansion.
Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 30 September 2024. The company currently operates in various cities and focuses on residential, commercial, and township development.
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