Godrej Properties a leading national real estate developer, announced its financial results for the first quarter ended June 30, 2021

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Godrej Properties a leading national real estate developer, announced its financial results for the first quarter ended June 30, 2021

 Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the first quarter ended June 30, 2021.

Highlights

  • Q1 FY22 witnessed total booking value of INR 497 crore and total booking volume of

0.77 million sq. ft. as compared to total booking value of INR 1,531 crore and total booking volume of 2.51 million sq. ft. in Q1 FY21

  • Leased over 1 lakh sq. ft. of office space at Godrej Two, despite two months of lockdown
  • Construction activity continued at most of the sites during the lockdown, albeit at a slower pace. The workforce strength stood at 131% of our pre-COVID strength as of June end

Business Development

Project Update under Commercial Platform

Indira Nagar, Bangalore

  • 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 1.05 million sq. ft. of leasable area
  • GPL’s economic interest is 20% equity in project specific company

Other Highlights

  • Delivered ~0.5 million sq. ft. in Pune in Q1 FY22
  • GPL leads the ESG ratings for real estate sector in CRISIL Ltd.’s ESG report
  • GPL facilitated the administration of the first dose of vaccine to all of its employees, as well as other stakeholders such as customers and construction workers by the end of the first quarter
  • 6 awards received in Q1 FY22

Commenting on the performance of Q1 FY2022, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said:

“Our focus in the first quarter was on ensuring the safety and wellbeing of our workforce. The quarter has been disappointing operationally due to the impact of the second wave. Sales in June and July were 384% higher than those in April and May and we expect to see very strong sales momentum in the remainder of the financial year given a large number of launches that are planned. We also expect significant portfolio additions this financial year, which will benefit the medium-term growth trajectory of our business. Our team was encouraged to score the highest rating amongst all real estate developers in the ESG ratings by CRISIL and looks forward to building on this in the years ahead.”

Financial Overview (Consolidated)

Q1 FY2022 performance overview compared with Q1 FY2021

  • Total Income stood at INR 232 crore as compared to INR 165 crore
  • EBITDA stood at INR 82 crore as compared to INR 40 crore
  • Net Profit stood at INR 17 crore as compared to INR (19) crore
  • EPS# amounted to INR 0.61 as compared to INR (0.76)

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