Godrej Properties Q2 Results: 51% of FY25 Booking Guidance Achieved in First Half
Mumbai-based real estate developer Godrej Properties Ltd. has managed to achieve half of its financial year 2025 booking guidance of ₹27,000 crore at the end of the first half of the year.
Godrej PropertiesReal EstateFinancial ResultsFy25Booking GuidanceReal Estate MumbaiOct 23, 2024
At the end of the September quarter, the booking value for Godrej Properties stood at ₹13,835 crore, which is 51% of the full-year projection of ₹27,000 crore. This significant milestone reflects the company's successful marketing and sales strategies, as well as the strong demand for its properties.
Cash collections for the quarter reached ₹7,017 crore, which is 47% of the company's full-year guidance of ₹15,000 crore. Notably, these collections were the highest ever recorded by Godrej Properties in a single quarter and the first half of the year, highlighting the company's strong financial health and customer trust.
Godrej Properties has also made impressive strides in property delivery. The company delivered 9.3 million square feet of area in the first half of the current financial year, with nearly 6.6 million square feet delivered during the second quarter alone. This represents 62% of its full-year projection of 15 million square feet. The timely delivery of projects is a testament to the company's efficient project management and execution capabilities.
In terms of business development, Godrej Properties has reached 63% of its full-year projection of ₹20,000 crore by expected booking value. The company's investor presentation indicated that it is well on track to achieve its full-year guidance across all four parameters booking value, cash collections, area delivery, and business development.
Financially, Godrej Properties reported a consolidated net profit of ₹335 crore for the September quarter, a substantial increase from ₹67 crore in the same quarter last year. This growth was partly attributed to a tax write-back of ₹169 crore. Revenue for the quarter stood at ₹1,093 crore, a significant jump from ₹343 crore in the year-ago quarter.
While the area sold during the quarter declined by 2% to 5.15 million square feet, the booking value grew by 3% to ₹5,198 crore. Customer collections increased by 68% year-on-year to ₹4,005 crore, indicating a positive trend in customer engagement and satisfaction.
In the stock market, shares of Godrej Properties saw a 1.7% increase after the results announcement, trading at ₹2,957.45. The stock has risen 47% so far in 2024, reflecting investor confidence in the company's performance and future prospects.
Godrej Properties is a leading real estate developer in India, known for its high-quality residential and commercial projects. With a strong focus on innovation and customer-centric solutions, the company continues to drive growth and set new benchmarks in the industry.
Frequently Asked Questions
What is Godrej Properties' booking guidance for FY25?
Godrej Properties' booking guidance for FY25 is ₹27,000 crore.
How much of the booking guidance has been achieved by the end of the first half of FY25?
By the end of the first half of FY25, Godrej Properties has achieved 51% of its booking guidance, which is ₹13,835 crore.
What was the net profit reported by Godrej Properties for the September quarter?
Godrej Properties reported a net profit of ₹335 crore for the September quarter, compared to ₹67 crore in the same quarter last year.
How much area did Godrej Properties deliver in the first half of FY25?
Godrej Properties delivered 9.3 million square feet of area in the first half of FY25, with nearly 6.6 million square feet delivered in the second quarter alone.
What was the percentage increase in customer collections for the September quarter compared to the same quarter last year?
Customer collections for the September quarter increased by 68% year-on-year to ₹4,005 crore.
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