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Godrej Properties Limited — Q3 FY25
Godrej Properties reported a record calendar year 2024 with booking value of ₹28,800 crore (+69% YoY) and net profit of ₹1,489 crore (+124% YoY).
bullish
high
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Godrej Properties reported a record calendar year 2024 with booking value of ₹28,800 crore (+69% YoY) and net profit of ₹1,489 crore (+124% YoY). Q3 FY25 booking value was ₹5,446 crore, down 5% YoY but up 5% QoQ, marking the sixth consecutive quarter above ₹5,000 crore. Nine-month booking value grew 48% to ₹19,281 crore, achieving 71% of FY25 guidance. Collections grew 50% YoY to ₹10,086 crore in nine months. Management remains confident of meeting full-year guidance, supported by a strong Q4 launch pipeline including Hyderabad and Noida projects. The company raised ₹6,000 crore via QIP, improving net debt-to-equity to 0.23. Key risk: potential slowdown in NCR market due to high base and regulatory delays.
गोदरेज प्रॉपर्टीज ने 2024 में ₹28,800 करोड़ की बुकिंग (ग्राहकों से मिले ऑर्डर) दर्ज की, जो पिछले साल से 69% ज्यादा है। कंपनी का मुनाफा ₹1,489 करोड़ रहा, जो 124% बढ़ा। तीसरी तिमाही में बुकिंग ₹5,446 करोड़ रही, जो पिछली तिमाही से 5% ज्यादा है। नौ महीने में बुकिंग 48% बढ़कर ₹19,281 करोड़ हुई, जो साल के लक्ष्य का 71% है। कंपनी ने ₹6,000 करोड़ जुटाए, जिससे कर्ज कम हुआ। मैनेजमेंट को पूरे साल के लक्ष्य पूरे होने का भरोसा है। खतरा: एनसीआर बाजार में सुस्ती और नियामकीय देरी।
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NCR market slowdown and high base
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Booking Value (CY24)
₹28,800 crore
+69% YoY
Highest-ever booking value by any listed Indian real estate developer in a calendar year.
Collections (9M FY25)
₹10,086 crore
+50% YoY
Highest-ever nine-month collections for the company.
Operating Cash Flow (9M FY25)
₹3,436 crore
+99% YoY
Nearly doubled year-on-year, reflecting strong cash generation.
Net Debt-to-Equity
0.23
-0.49 vs start of CY24
Improved from 0.72 at start of CY24 due to ₹6,000 crore QIP.
What Changed vs Last Quarter
NEW
FY25 booking value guidance of ₹27,000 crore
Management is confident of meeting and exceeding the annual booking value guidance of ₹27,000 crore, with 71% already achieved in nine months.
NEW
Business development guidance of ₹20,000 crore for FY25
Year-to-date, 12 new projects added with estimated booking value potential of ₹23,450 crore, exceeding the annual guidance.
NEW
Q4 FY25 launch pipeline includes multiple large projects
Planned launches include Hyderabad, Noida Sector 44, Gurgaon Sohna Road, Bangalore (66-acre parcel), Pune Hinjewadi, Indore, Kolkata, and Mumbai (multiple projects).
NEW
Net debt upper cap of ₹10,000 crore
Management intends to keep net debt below ₹10,000 crore to manage risk, with current net debt-to-equity at 0.23 providing headroom.
DROPPED
Annual bookings guidance likely to be surpassed
Management indicated they are on track to exceed the annual bookings guidance, given strong H1 performance and a robust H2 launch pipeline.
DROPPED
Target EBITDA margin of 25-30%
Management reiterated their target of achieving 25-30% EBITDA margins on new projects, with underwriting based on current prices without assuming price inflation.
DROPPED
Target net profit margin of ~15% through cycle
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.
DROPPED
Planned launches for H2 FY25 include Worli, Golf Course Road, Noida Sector 44
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.
NEW RISK
NCR market slowdown and high base
NCR sales were flattish in nine months due to a high base from last year; management expects growth but at a lower percentage compared to other markets.
NEW RISK
Potential oversupply in premium segment (Gurgaon Golf Course Road)
Multiple developers planning large premium projects could lead to oversupply; management believes different customer segments mitigate risk.
NEW RISK
Economic slowdown and global uncertainty
Management noted overall economic slowdown in India and global uncertainty, but expects interest rate cuts and government measures to support sentiment.
RISK GONE
Potential overheating in land prices
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.
RISK GONE
Construction cost escalation
Construction outflows are expected to increase in H2 as projects progress, which could pressure cash flows if not managed efficiently.
RISK GONE
Dependence on NCR and Bengaluru markets
A significant portion of bookings comes from NCR and Bengaluru; any slowdown in these markets could impact overall performance.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q1 FY25, Q2 FY24, Q2 FY25, Q3 FY24, Q4 FY24
Management indicated they are on track to exceed the annual bookings guidance, given strong H1 performance and a robust H2 launch pipeline.
Mentioned in Q2 FY24, Q3 FY24
Company remains on track to achieve ₹10,000 crore in cash collections for FY24, with strong collections in Q3.
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 Q2 FY25, Q4 FY24
A significant portion of bookings comes from NCR and Bengaluru; any slowdown in these markets could impact overall performance.
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 and exceeding the annual booking value guidance of ₹27,000 crore, with 71% already achieved in nine months.
NCR sales were flattish in nine months due to a high base from last year; management expects growth but at a lower percentage compared to other mar...
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