Godrej Properties Limited (GPL) announced its financial results for the third quarter ended December 31, 2022. 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 Rs 23,050 crore added during the quarter. Its net profit grew by 51% to INR 59 crore in Q3 FY23. The sales Q3 FY23 witnessed total booking value of INR 3,252 crore and total booking volume of 4.42 million sq. ft with 4 new phase launches during the quarter. For the financial year to date, GPL has 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. 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, 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 Rs 10,000 crore and to sharply grow on this base in the years ahead.”
The Q3 FY2023 performance overview compared with Q3 FY2022 where the total income stood at INR 366 crore as compared to INR 399 crore. The EBITDA stood at INR 153 crore as compared to INR 115 crore. The 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.
