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Revenue
₹1,093 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
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Quarter read
What the record says.
Godrej Properties delivered a robust Q2 FY2025, with booking value growing 3% YoY to INR 5,198 crore and collections up 68% YoY to INR 4,005 crore. Operating cash flow surged 126% YoY to INR 1,834 crore, driven by strong customer response to new launches like Godrej Vriksha (INR 1,500 crore) and Godrej Woodside Estate (INR 600 crore). The company achieved 51% of its annual bookings guidance in H1, with NCR, Bengaluru, and MMR markets showing strong growth. Management remains bullish on demand, citing robust pricing trends and a healthy launch pipeline for H2, including projects in Worli, Golf Course Road, and Noida. Key risks include potential overheating in land prices and regulatory approval delays, though management expressed confidence in navigating these. The company targets 20-25% IRR on new projects and expects to surpass its annual guidance.
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Guidance to track
- Management indicated they are on track to exceed the annual bookings guidance, given strong H1 performance and a robust H2 launch pipeline.
- Management reiterated their target of achieving 25-30% EBITDA margins on new projects, with underwriting based on current prices without assuming price inflation.
- Management guided for a net profit margin of around 15% through the cycle, though it may be higher in the near term due to margin expansion.
- Management outlined a strong launch pipeline for the second half, including projects in Worli (Q4), Golf Course Road in Gurgaon, and Sector 44 in Noida.
Risks flagged
- Land prices have risen sharply, and if property prices do not keep pace, project margins could compress. Management mitigates this by underwriting at current prices and targeting 20-25% IRR.
- Delays in obtaining approvals could push back launches and impact sales guidance. Management noted that approvals are generally on track but remain a constraint.
- Construction outflows are expected to increase in H2 as projects progress, which could pressure cash flows if not managed efficiently.
- A significant portion of bookings comes from NCR and Bengaluru; any slowdown in these markets could impact overall performance.
Key quotes
- We've already achieved 51% of our annual bookings guidance.
- Our goal isn't to do only luxury developments, which have their own drawbacks.
- We are seeing a lot of opportunities that do meet this threshold still, but I think the IRR threshold of 20%-25% is what we look at.
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