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Revenue
₹330 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Where this quarter sits.
Quarter read
What the record says.
Godrej Properties reported its most successful quarter ever with new bookings of ₹5,720 crore, up 76% YoY, driven by strong launches like Godrej Aristocrat (₹2,667 crore) and Godrej Ananda (₹500 crore). Cash collections grew 43% YoY to ₹2,411 crore, and net operating cash flow rose 45% to ₹798 crore. Management maintained its annual bookings guidance of ₹14,000 crore and cash collection guidance of ₹10,000 crore, expressing confidence in exceeding the former. The company's strong project pipeline, particularly in NCR and Mumbai, supports medium-term growth of ~20% annually. However, delays in key projects like Ashok Vihar and Worli remain a risk, and the cyclical nature of real estate could impact future demand if price increases outpace affordability.
Colored figures show movement against the previous available record.
Guidance to track
- Management confident of surpassing the full-year bookings target of ₹14,000 crore, given the strong momentum and pipeline.
- Company remains on track to achieve ₹10,000 crore in cash collections for FY24, with strong collections in Q3.
- Management expects sustainable growth of around 20% per annum over the medium term, though near-term may be higher.
- Company aims to maintain net debt-to-equity between 0.5:1 and 1:1, but may temporarily exceed for opportunities.
Risks flagged
- Ashok Vihar, Worli, and Bandra projects face regulatory and approval delays, pushing launches to FY25 or later.
- Management acknowledged the cyclical nature of real estate, with potential for a downturn in 4-5 years, which could impact demand and pricing.
- Net gearing at ~0.7x, near the upper end of target range; further land acquisitions could increase debt, though cash flows are improving.
- Rapid scaling of operations (50%+ sales growth) may strain project execution capabilities, though management cites decentralized model as mitigation.
Key quotes
- The third quarter was Godrej Properties' most successful quarter ever in terms of new bookings, with year-on-year growth of 76% to INR 5,720 crore.
- I clearly don't think those kind of growth rates will be sustainable over the medium term. I think we'd look more towards ambitious but reasonable steady state growth in the range of around 20% on an ongoing basis.
- The basic cyclicality of the sector, I think, is here to stay, and I think it's incumbent upon individual developers to figure out how to best maximize the opportunity in each leg of the cycle and maintain a balance sheet that can withstand any surprises that come along.
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