Update for Q3 FY23 Results
Table of Contents
· GPL’s highest ever quarterly sales – Q3 booking value grew by 111% YoY to INR 3,252 crore and 9M FY23 bookings grew by 77% YoY to INR 8,181 crore
· GPL’s best ever quarter for business development – 9 new projects with an estimated future booking value of 23,050 crore added during the quarter
· Net Profit grew by 51% to INR 59 crore in Q3 FY23
Mumbai, February 02, 2023: Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the third quarter ended December 31, 2022.
CORPORATE HIGHLIGHTS:
Sales Highlights
· Q3 FY23 witnessed total booking value of INR 3,252 crore and total booking volume of 4.42 million sq. ft.
· 4 new phase launches during the quarter
Business Development
Added 9 new projects in NCR, MMR, and Pune with an estimated booking value of INR 23,050 crore
| Particulars | Estimated Saleable Area (million sq. ft.) | Expected Booking Value (INR Cr) | Business Model |
| Kandivali, MMR | 3.72 | 7,000 | 100% owned group housing development project |
| Mahalaxmi, MMR | 0.76 | 3,500 | GPL owns 50% of equity in the project specific company |
| Sector 89, Gurugram | 2.90 | 3,000 | 100% owned group housing development project |
| Sector 49, Gurugram | 1.60 | 2,500 | 100% owned group housing development project |
| Mundhwa, Pune | 2.20 | 2,000 | 100% owned group housing development project |
| Sec 146 A, Noida | 1.60 | 2,000 | 100% owned group housing development project |
| Sec 146 B, Noida | 1.60 | 2,000 | 100% owned group housing development project |
| Sec 41 Kurukshetra, NCR | 1.40 | 550 | 100% owned plotted development project |
| Manor, Palghar, MMR | 1.20 | 500 | 100% owned plotted development project |
| Total | 16.98 | 23,050 |
For the financial year to date, we have added 15 new projects with an estimated revenue potential of ~INR 27,500 crore against guidance of INR 15,000 crore for full year FY 23.
Other Highlights
· 27 awards and recognitions received in Q3 FY23
· Credit Rating for Commercial Paper (CP) limits enhanced to INR 1,750 crore from INR 1,500 crore by ICRA and CRISIL. Ratings have been reaffirmed/assigned at [ICRA]A1+ and CRISIL A1+ respectively
Commenting on the performance of Q3 FY2023, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said:
“Residential real estate demand in India has remained strong and we believe the cyclical upturn in the sector will gain further momentum in the years ahead providing significant opportunities for leading developers to participate in sectoral growth while also gaining market share.
The two highlights in the third quarter were that GPL registered its best ever quarter for both sales bookings and business development. This leaves us well positioned to surpass our FY 23 bookings guidance of 10,000 crore and to sharply grow on this base in the years ahead.”
Financial Overview (Consolidated)
Q3 FY2023 performance overview compared with Q3 FY2022
· Total Income stood at INR 366 crore as compared to INR 399 crore
· EBITDA stood at INR 153 crore as compared to INR 115 crore
· Net Profit stood at INR 59 crore as compared to INR 39 crore
· EPS# amounted to INR 2.11 as compared to INR 1.40
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