Godrej Properties Limited (GPL), announced its financial results for the second quarter that ended September 30, 2022. The Q2 FY23 witnessed a total booking value of Rs 2,409 crore and a total booking volume of 2.71 mn sq. ft. Godrej Properties announced four new project/phase launches across 3 cities and have added two new projects in MMR and Bangalore with an expected booking value of Rs 1,950 crore.
The project in Carmichael Road, MMR is spread across approximately 0.5 acres, this project will offer 0.12 mn sq. ft. of luxury residential development. The estimated revenue potential from the project is approximately Rs 1,200 crore. It is a 100% owned project at Indiranagar extension, Bengaluru.
The project is spread across approximately seven acres and this project will offer 0.6 million sq. ft. of premium residential development located in the immediate vicinity of Indiranagar and is close to the Old Airport Road and within the Outer Ring Road limits in Bengaluru. The estimated revenue potential from the project is approximately Rs 750 crore which is a 100% owned project.
Post Q2 FY23 Godrej Properties added two new projects in MMR and Pune with an expected booking value of 2,500 crore. Spread across approximately 50 acres, the project will offer 1.20 mn sq. ft. of residential plotted development located in the fast-developing micro market of Manor, Palghar. The 100% owned project has an estimated revenue potential from the project is approximately Rs 500 crore.
Spread across approximately 12 acres, the project will offer 2.2 million sq. ft. of premium group housing development located at Mundhwa, one of the most centrally located residential areas in Pune. The estimated revenue potential from the project is approximately Rs 2,000 crore. For the financial year to date, we have added 6 new projects with an estimated revenue potential of Rs 6,025 crore.
Commenting on the performance of Q2 FY2023, Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said: “While the global macroeconomic environment deteriorated in the second quarter, India’s economy continues to outperform and residential real estate demand continues to remain robust. At the halfway mark of the financial year, we are confident of achieving our booking value guidance of 10,000 crore for FY 23.” We are witnessing a lot of momentum in business development and hope to deliver GPL’s best-ever year for new project additions through strong momentum in the second half of the year. This in turn will ensure that the sharp increase in booking value this year is continued in the years ahead.”
The Q2 FY2023 performance overview compared with Q2 FY2022 where the total income stood at Rs 327 crore as compared to Rs 290 crore. The EBITDA stood at Rs 94 crore as compared to Rs105 crore. The net profit stood at Rs55 crore as compared to Rs 36 crore. The EPS amounted to Rs 1.98 as compared to Rs 1.28.
