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Revenue
₹1,426 Cr
verified against source
Revenue YoY
1%
reported change
EBITDA
₹649 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Godrej Properties reported its best-ever quarter with booking value of INR 9,519 crore, up 135% YoY, driven by strong launches like Godrej Zenith (INR 3,008 crore) and Godrej Reserve (INR 2,693 crore). Full-year bookings reached INR 22,527 crore, 84% YoY growth, exceeding guidance by 61%. Revenue grew only 1% to INR 1,952 crore due to revenue recognition lag, while PAT rose 14% to INR 471 crore. Collections hit INR 4,693 crore in Q4, and net debt reduced by INR 700 crore. Management guided for FY25 bookings of INR 27,000 crore (20%+ growth) and collections of INR 15,000 crore. The family settlement clarified no competition from Godrej & Boyce in real estate for six years. Key risk: execution on new launches and business development in a rising price environment.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects over 20% growth in bookings driven by new launches and strong customer sales.
- Collections expected to grow significantly due to high-quality sales in FY24 and construction-linked payment plans.
- Aspiration to grow bookings at 20% CAGR over the medium term, subject to market conditions.
- Company aims to keep gearing within this range, with net debt not exceeding INR 10,000 crore.
Risks flagged
- Aggressive growth targets depend on timely launches and land acquisitions; any slowdown could impact bookings.
- Management acknowledged that construction cost overruns could reduce imputed EBITDA margins from the 27% level.
- Over 70% of FY24 bookings came from NCR and MMR; any slowdown in these markets could affect overall performance.
- The demerger and related agreements require regulatory approvals; delays could create uncertainty.
Key quotes
- Our hypothesis of raising capital five years ago, deploying aggressively into business development when market conditions were favorable for investments, and using these new projects to deliver exponential growth in bookings is, we believe, playing out exactly as we had hoped.
- I think the base that we need is more demanding now than it has been in past years, but I think we'd like to stick with our guidance of 20% growth over the medium term.
- If we see great opportunities, the INR 20,000 is not going to form any kind of upper cap, certainly.
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