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Revenue
₹936 Cr
verified against source
Revenue YoY
251%
reported change
EBITDA
₹230 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Godrej Properties reported a muted Q1 FY24 with bookings declining 11% YoY to INR 2,254 crore due to delayed launches, though existing inventory sales grew 19%. Revenue surged 251% to INR 1,315 crore, EBITDA rose 98% to INR 230 crore, and PAT increased 174% to INR 125 crore, but these were boosted by a one-off provision reversal. A INR 155 crore provision for the Godrej Summit concrete issue weighed on reported PAT; excluding it, PAT would have been INR 241 crore. The company maintained its annual bookings guidance of INR 14,000 crore and delivery target of 12.5 million sq ft, achieving 39% of the latter in Q1. Business development added four projects with INR 6,450 crore revenue potential. Management expects strong H2 launches, particularly in Gurgaon and Mumbai, to drive growth. Key risk: further delays in regulatory approvals could push launches and cash flows into subsequent quarters.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated confidence in achieving INR 14,000 crore in bookings for FY24 despite Q1 weakness.
- Company targets delivering 12.5 million sq ft in FY24, with 39% already achieved in Q1.
- Company aims to add projects with INR 15,000 crore in expected booking value for FY24; 43% achieved in Q1.
- Management aims for long-term PAT margins in the 12-15% range, translating to ~20% return on equity.
Risks flagged
- Several planned launches slipped from Q1 due to delayed approvals, impacting bookings. Further delays could affect H2 launches.
- The INR 155 crore provision may not cover full liability if more customers opt for buyback or if repair costs exceed estimates.
- Net debt stood at INR 5,300 crore; further BD spending could increase leverage, potentially triggering negative rating action if cash flows don't improve.
- With a strong pipeline of new projects, timely execution and quality control are critical; any slippage could impact margins and brand reputation.
Key quotes
- We remain confident of meeting our annual bookings guidance of INR 14,000 crore.
- The most important objective going forward will be to get all of our recently added projects launched in the upcoming quarter.
- Our endeavor is to generate PAT margins close to about, in the range of 12%-15%.
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