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Godrej Properties Limited — Q4 FY24
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).
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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.
गोदरेज प्रॉपर्टीज ने अपनी सबसे अच्छी तिमाही दर्ज की। बुकिंग वैल्यू (ग्राहकों से मिले पैसे) 9,519 करोड़ रुपये रही, जो पिछले साल से 135% ज्यादा है। यह गोदरेज जेनिथ (3,008 करोड़) और गोदरेज रिजर्व (2,693 करोड़) जैसे नए प्रोजेक्ट्स की वजह से हुआ। पूरे साल की बुकिंग 22,527 करोड़ रुपये रही, जो पिछले साल से 84% ज्यादा है और अनुमान से 61% बेहतर है। कमाई (रेवेन्यू) सिर्फ 1% बढ़कर 1,952 करोड़ रुपये रही, क्योंकि पैसे आने में देरी हुई। मुनाफा (PAT) 14% बढ़कर 471 करोड़ रुपये हुआ। कंपनी ने कर्ज 700 करोड़ रुपये कम किया। अगले साल 27,000 करोड़ रुपये की बुकिंग और 15,000 करोड़ रुपये की वसूली का लक्ष्य है। परिवार के समझौते में तय हुआ कि गोदरेज एंड बॉयस अगले छह साल रियल एस्टेट में प्रतिस्पर्धा नहीं करेगी। जोखिम: नए प्रोजेक्ट्स की शुरुआत और बढ़ती कीमतों में कारोबार बढ़ाना।
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Booking Value (Q4)
INR 9,519 crore
+135% YoY
Highest-ever quarterly sales for any listed Indian real estate developer.
Booking Value (FY24)
INR 22,527 crore
+84% YoY
Exceeded initial guidance of INR 14,000 crore by 61%.
Collections (FY24)
INR 11,436 crore
+23% YoY
Driven by strong project deliveries of 12.5 million sq ft.
Net Operating Cash Flow (Q4)
INR 2,607 crore
+16% YoY
Allowed net debt reduction of INR 700 crore despite business development investments.
What Changed vs Last Quarter
NEW
FY25 residential bookings target of INR 27,000 crore
Management expects over 20% growth in bookings driven by new launches and strong customer sales.
NEW
FY25 collections guidance of INR 15,000 crore
Collections expected to grow significantly due to high-quality sales in FY24 and construction-linked payment plans.
NEW
Medium-term booking growth of 20% per annum
Aspiration to grow bookings at 20% CAGR over the medium term, subject to market conditions.
NEW
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.
DROPPED
Annual bookings guidance of ₹14,000 crore expected to be exceeded
Management confident of surpassing the full-year bookings target of ₹14,000 crore, given the strong momentum and pipeline.
DROPPED
Cash collections guidance of ₹10,000 crore on track
Company remains on track to achieve ₹10,000 crore in cash collections for FY24, with strong collections in Q3.
DROPPED
Medium-term pre-sales growth of ~20% annually
Management expects sustainable growth of around 20% per annum over the medium term, though near-term may be higher.
DROPPED
Gearing ratio target of 0.5x to 1x
Company aims to maintain net debt-to-equity between 0.5:1 and 1:1, but may temporarily exceed for opportunities.
NEW RISK
Execution risk on new launches and business development
Aggressive growth targets depend on timely launches and land acquisitions; any slowdown could impact bookings.
NEW RISK
Potential margin compression from rising input costs
Management acknowledged that construction cost overruns could reduce imputed EBITDA margins from the 27% level.
NEW RISK
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.
NEW RISK
Regulatory approval risk for family settlement
The demerger and related agreements require regulatory approvals; delays could create uncertainty.
RISK GONE
Delays in key project launches
Ashok Vihar, Worli, and Bandra projects face regulatory and approval delays, pushing launches to FY25 or later.
RISK GONE
Cyclical downturn in real estate
Management acknowledged the cyclical nature of real estate, with potential for a downturn in 4-5 years, which could impact demand and pricing.
RISK GONE
High leverage and debt levels
Net gearing at ~0.7x, near the upper end of target range; further land acquisitions could increase debt, though cash flows are improving.
RISK GONE
Execution risk at scale
Rapid scaling of operations (50%+ sales growth) may strain project execution capabilities, though management cites decentralized model as mitigation.
🤫 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 expects over 20% growth in bookings driven by new launches and strong customer sales.
Aggressive growth targets depend on timely launches and land acquisitions; any slowdown could impact bookings.
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