Godrej Properties Q1 Results: Profit Rises Nearly Fourfold On Inventory Gains

Godrej Properties Ltd.'s profit rose in the quarter-ended June rose nearly four times in the first quarter of fiscal 2025, beating analysts' estimates.

The real estate developer's profit rose 3.88 times year-on-year to Rs 518.8 crore for the April-June period from Rs 133.7 crore in the corresponding quarter of the previous fiscal. That compares with the Rs 376.58 crore consensus estimate of analysts tracked by Bloomberg.

However, its revenue from operations fell 21.1% to Rs 739 crore, as compared with Rs 936 crore during the same quarter last year. Analysts polled by Bloomberg estimated it to be Rs 1,338.44 crore for the quarter.

The surprise jump in profit for the period came on the back of inflows from change in inventories, which led to a windfall of Rs 2,097 crore during the period under review, compared with Rs 440.4 crore in the year-ago period.

• Revenue down 21.1% to Rs 739 crore (Bloomberg estimate: Rs 1,338.44 crore).

• Ebitda loss of Rs 125.1 crore versus Ebitda loss of 149.2 crore (Bloomberg estimate: Rs 268.34 crore Ebitda profit).

• Net profit up 288% at Rs 518.8 crore (Bloomberg estimate: Rs 376.58 crore).

• Pre-sales rose 283% to Rs 8,637 crore.

• Customer collections rose 54% to Rs 3,012 crore.

• Area sold up 299% at 8.99 million square feet.

Performance Against FY25 Guidance

• Achieved 32% booking value guidance of Rs 27,000 crore

• Achieved 20% cash collections guidance of Rs 15,000 crore

• Achieved 18% delivery guidance of 15 million square feet

• Achieved 15% business development guidance of 20,000 crore

On the business development side, the company added two group housing projects in Pune and Bengaluru with an estimated booking value of Rs 3,000 crores in the quarter.

The net operating cashflow stood at Rs 988 crore registering a 737% year-on-year growth as compared to the corresponding quarter of last year.

Shares of Godrej Properties were trading 0.44% higher at Rs 3,194.90 apiece on the NSE, as compared with a 0.26% rise in the benchmark NSE Nifty 50.