Godrej Properties reported consolidated net profit of ₹335.2 crore in the second quarter of the current financial year, up 5 times on-year with revenue from operations surging 3.2 times to ₹1,093.2 crore.
The real estate developer’s bottom line was aided by a credit of ₹105.62 crore on deferred tax liabilities due to the lower applicable tax rate on long-term gains tax on capital assets sold after July 23, 2024.
During the quarter, the company sold houses worth ₹5,198 crore, up 3 per cent on year while collections rose 68 per cent to ₹4,005 crore.
Real estate companies recognise revenue based on units delivered, and during the quarter, the company delivered projects aggregating 6.6 million square feet across three cities.
It added six housing projects in three cities with an estimated booking value of ₹9,650 crore, while seven new projects and phases of existing projects were launched in the quarter under review in four cities.
The company said that in FY25, it had already achieved around half of its annual booking guidance for the full year.
In the half-year, the company booked sales worth ₹13,835 crore and collections of ₹7,017 crore. For the full year, it has guided bookings of ₹27,000 crore and collections of ₹15,000 crore. It expects to deliver 15 msf during the year and has already delivered 9.3 msf so far.
It has also achieved 63 per cent of its total business development guidance of ₹20,000 crore for the full year. In FY25 so far it has added 10 new projects with a total estimated saleable area of close to 14 msf and booking value of Rs 17,450 crore.
In FY25, the developer expects to launch projects of 21.9 msf with a value of ₹30,000 crore, and it has achieved around half of that so far. Some of the projects that it expects to launch are one in Worli (Mumbai), two in Gurgaon, and projects in Bengaluru, Noida, Kolkata, and Hyderabad.
Of its total sales in Q2, the National Capital Region and Mumbai Metropolitan Region accounted for over 72 per cent.
At the beginning of this month, the board approved raising up to ₹6,000 crore through an equity issuance. Executive chairman Pirojsha Godrej said in an analyst call that the company is not likely to raise funds through equity for the next several years as it was generating funds through collections and sales.
It generated an operating cash flow of ₹1,834 crore in Q2 and ₹2,822 crore in the first half.
