Godrej consolidated Financial for Q2 FY21 and H1 FY21 Results

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Godrej consolidated Financial for Q2 FY21 and H1 FY21 Results

Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the second quarter ended.

CORPORATE HIGHLIGHTS:

Sales Highlights

  • Q2 FY21 witnessed a total booking value of INR 1,074 crore and total booking volume of 1.73 million sq. ft. as compared to total booking value of INR 1,446 crore and total booking volume of 2.26 million sq. ft. in Q2 FY20.
  • H1 FY21 witnessed a total booking value of INR 2,605 crore and total booking volume of 4.24 million sq. ft. as compared to total booking value of INR 2,343 crore and total booking volume of 3.61 million sq. ft. in H1 FY20.

Business Development

Added a new project in Mumbai with saleable area of ~1.5 million sq. ft. in Q2 FY21 and a new project in Bangalore with a saleable area of ~1.6 million sq. ft. in October 2020

Kalyan, MMR

  • The project is an outright purchase of land in Kalyan, further strengthening GPL’s presence in MMR
  • The site is strategically located with multiple schools, hospitals, retail and residential spaces in close proximity
  • Spread across 20 acres, this project will offer approximately 1.5 million sq. ft. of saleable area comprising primarily of residential area of various configurations with small amount of retail/commercial space
  • It is a 100% owned project

Sarjapur, 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 good connectivity to the Outer Ring Road and several other key hubs of Bangalore
  • Spread across 15 acres, this project will offer approximately 1.6 million sq. ft. of saleable area comprising of residential apartments of various configurations
  • It is a 100% owned project

Existing project update

Godrej City, MMR

  • Recently, GPL has migrated to Integrated township policy from Special township policy for the particular project
  • Consequently, the potential saleable area for the project has increased from 4.3 million sq. ft. to 8.2 million sq. ft.

Other Highlights

  • Delivered ~2.9 million sq. ft. across 2 cities in Q2 FY21
  • GPL received 8 awards in Q2 FY21 including ‘National Brand Leader of India’ by Track2Realty BrandXReport 2019-2020

Commenting on the performance of Q2 FY2021, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said:

““The real estate sector continues to be impacted by the pandemic but we believe this provides Godrej Properties with a tremendous opportunity to drive market share growth in residential real estate. While our planned launches in the second quarter were postponed due to regulatory approval delays, we were happy to see one of our strongest ever quarters for sales from existing projects. With a robust launch pipeline in the second half of the financial year, we expect strong sales momentum during this period.”

Financial Overview (Consolidated)

Q2 FY21 performance overview compared with Q2 FY20

·         Total Income stood at INR 238 crore as compared to INR 370 crore

·         EBITDA stood at INR 77 crore as compared to INR 135 crore

·         Net profit stood at INR 7 crore as compared to INR 32 crore

·         EPS# amounted to INR 0.28 as compared to INR 1.25

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