What was Godrej Properties's revenue in Q1 FY24?

Godrej Properties reported revenue of ₹936 Cr in Q1 FY24, a +251% change year-over-year.

Did Godrej Properties management deliver on previous promises?

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Godrej Properties Q1 FY24 Research Workspace: Revenue ₹936 Cr (+251%)

Q: What guidance did Godrej Properties management give?

Annual bookings guidance of INR 14,000 crore: Management reiterated confidence in achieving INR 14,000 crore in bookings for FY24 despite Q1 weakness.

2-Minute Summary

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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.

गोदरेज प्रॉपर्टीज की पहली तिमाही (Q1 FY24) में बिक्री थोड़ी कमजोर रही। बुकिंग पिछले साल की तुलना में 11% घटकर 2,254 करोड़ रुपये हो गई, क्योंकि नए प्रोजेक्ट लॉन्च में देरी हुई। हालांकि, पुराने स्टॉक की बिक्री 19% बढ़ी। कंपनी की कमाई 251% बढ़कर 1,315 करोड़ रुपये हो गई, मुनाफा (EBITDA) 98% बढ़कर 230 करोड़ और शुद्ध मुनाफा (PAT) 174% बढ़कर 125 करोड़ रुपये रहा। लेकिन यह बढ़ोतरी एक बार के प्रावधान (provision) के कारण हुई। गोदरेज समिट प्रोजेक्ट में कंक्रीट की समस्या के लिए 155 करोड़ रुपये का प्रावधान रखा गया, जिससे शुद्ध मुनाफा कम हुआ। इस प्रावधान को हटा दें तो मुनाफा 241 करोड़ रुपये होता। कंपनी ने सालाना बुकिंग का लक्ष्य 14,000 करोड़ रुपये और डिलीवरी का लक्ष्य 1.25 करोड़ वर्ग फुट बरकरार रखा है। पहली तिमाही में 39% डिलीवरी पूरी हो चुकी है। चार नए प्रोजेक्ट जोड़े गए, जिनसे 6,450 करोड़ रुपये की कमाई होने की उम्मीद है। कंपनी को दूसरी छमाही में गुड़गांव और मुंबई में जोर

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Quarter Snapshot

Bookings INR 2,254 crore

-11% YoY

Muted due to delayed launches; existing inventory sales grew 19% YoY to INR 1,816 crore.

Delivery Area 4.9 million sq ft

+39% of annual target

Achieved 39% of annual delivery target of 12.5 million sq ft in Q1 alone.

Business Development GDV INR 6,450 crore

43% of annual target

Four new projects added, representing 43% of the INR 15,000 crore annual BD target.

Godrej Summit Provision INR 155 crore

One-time charge

Provision for repair/maintenance at Godrej Summit due to chloride in concrete; buyback offer extended.

Fast read

Guidance and risk preview

Top guidance Annual bookings guidance of INR 14,000 crore

Management reiterated confidence in achieving INR 14,000 crore in bookings for FY24 despite Q1 weakness.

Top risk Regulatory approval delays

Several planned launches slipped from Q1 due to delayed approvals, impacting bookings.