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Godrej Properties Limited — Q1 FY25
Godrej Properties delivered a stellar Q1 FY25, with booking value surging 283% YoY to INR 8,637 crore and PAT hitting a record INR 520 crore (up 316% YoY), aided by a commercial property revaluation.
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Godrej Properties delivered a stellar Q1 FY25, with booking value surging 283% YoY to INR 8,637 crore and PAT hitting a record INR 520 crore (up 316% YoY), aided by a commercial property revaluation. The standout launches—Godrej Woodscape (Bengaluru, INR 3,156 crore) and Godrej Jardinia (Noida, INR 2,370 crore)—drove the outperformance. Management maintained its FY25 booking guidance of INR 27,000 crore and collections guidance of INR 15,000 crore, expressing confidence in beating both. Business development remains robust with two new projects added in Q1 (INR 3,000 crore estimated booking value) and a strong pipeline for Q2. Key risks include potential approval delays in Mumbai/Pune due to elections and the ongoing delay in the Ashok Vihar launch (now expected by Q4 FY25). The company's focus on end-user-driven product design and low cost of sales provides a competitive edge.
गोदरेज प्रॉपर्टीज ने पहली तिमाही में शानदार प्रदर्शन किया। बुकिंग वैल्यू 283% बढ़कर 8,637 करोड़ रुपये हो गई। मुनाफा 316% बढ़कर 520 करोड़ रुपये रिकॉर्ड स्तर पर पहुंच गया, जिसमें एक कमर्शियल प्रॉपर्टी के दोबारा मूल्यांकन से मदद मिली। दो बड़े प्रोजेक्ट्स - गोदरेज वुडस्केप (बेंगलुरु, 3,156 करोड़) और गोदरेज जार्डिनिया (नोएडा, 2,370 करोड़) ने यह सफलता दिलाई। कंपनी ने इस साल 27,000 करोड़ रुपये की बुकिंग और 15,000 करोड़ रुपये की वसूली का लक्ष्य बरकरार रखा है। उन्हें लगता है कि वे इससे भी बेहतर करेंगे। पहली तिमाही में दो नए प्रोजेक्ट जोड़े गए (अनुमानित 3,000 करोड़ की बुकिंग)। जोखिमों में मुंबई/पुणे में चुनावों के कारण देरी और अशोक विहार प्रोजेक्ट में देरी शामिल है, जो अब चौथी तिमाही तक लॉन्च होगा। कंपनी का फोकस ग्राहकों की जरूरतों पर है और बिक्री की लागत कम है, जो इसे प्रतिस्पर्धा में आगे रखता है।
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Approval delays in Mumbai and Pune due to elections
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Booking Value
INR 8,637 crore
+283% YoY
Highest quarterly booking value among listed Indian developers for the second consecutive quarter.
Booking Volume
8.99 million sq ft
+10% QoQ
Highest volume sold by any listed developer in India, surpassing GPL's previous best of 8.17 msf in Q4 FY24.
Net Operating Cash Flow
INR 988 crore
+737% YoY
Driven by a 54% increase in collections to INR 3,012 crore and deliveries of 2.7 msf.
Collections Efficiency
94%
+24pp vs industry median
Percentage of customers paying within 30 days of invoice, well above the industry median of 60-70%.
What Changed vs Last Quarter
NEW
Q2 FY25 business development to be strong
Management expects Q2 to be another good quarter for business development additions, with a strong pipeline across top four markets.
NEW
Ashok Vihar launch expected by Q4 FY25
The Ashok Vihar project in NCR is delayed due to tree removal approvals, but management hopes to launch by Q4 FY25 if possible.
UPDATED
FY25 booking value guidance of INR 27,000 crore
Management is confident of meeting or exceeding the annual booking guidance of INR 27,000 crore, supported by a strong Q1 start and robust launch pipeline.
UPDATED
FY25 collections guidance of INR 15,000 crore
Collections are expected to ramp up in H2, with average quarterly collections of INR 3,750 crore needed to meet the target. Q1 collections were INR 3,012 crore.
DROPPED
Medium-term booking growth of 20% per annum
Aspiration to grow bookings at 20% CAGR over the medium term, subject to market conditions.
DROPPED
Net debt to equity ratio maintained between 0.5x and 1x
Company aims to keep gearing within this range, with net debt not exceeding INR 10,000 crore.
NEW RISK
Approval delays in Mumbai and Pune due to elections
Upcoming elections in Maharashtra could delay project approvals in Mumbai and Pune, impacting launch timelines.
NEW RISK
Ashok Vihar launch delay
The Ashok Vihar project in NCR is delayed due to tree removal court cases, with no clear timeline. Management now expects launch by Q4 FY25 at best.
NEW RISK
Execution risk from rapid scale-up
The sharp increase in booking volume (8.99 msf in Q1) raises questions about delivery pace. Management has invested in execution capabilities but risks remain.
NEW RISK
Regulatory issues on Godrej Reserve and Chandigarh project
Godrej Reserve faces potential approval issues (though management says no notice received), and a 10-year-old Chandigarh project received a notice regarding OC revocation.
RISK GONE
Execution risk on new launches and business development
Aggressive growth targets depend on timely launches and land acquisitions; any slowdown could impact bookings.
RISK GONE
Potential margin compression from rising input costs
Management acknowledged that construction cost overruns could reduce imputed EBITDA margins from the 27% level.
RISK GONE
Dependence on NCR and MMR markets for growth
Over 70% of FY24 bookings came from NCR and MMR; any slowdown in these markets could affect overall performance.
RISK GONE
Regulatory approval risk for family settlement
The demerger and related agreements require regulatory approvals; delays could create uncertainty.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24
Year-to-date business development stands at INR 7,175 crore, in line with the full-year guidance of INR 15,000 crore.
Mentioned in Q1 FY24, Q3 FY24
Rapid scaling of operations (50%+ sales growth) may strain project execution capabilities, though management cites decentralized model as mitigation.
Fast read
Guidance and risk preview
Management is confident of meeting or exceeding the annual booking guidance of INR 27,000 crore, supported by a strong Q1 start and robust launch p...
Upcoming elections in Maharashtra could delay project approvals in Mumbai and Pune, impacting launch timelines.
View Risks →