DLF, Godrej Properties And Oberoi Realty Buck Sales Momentum In Q1
DLF saw a massive 214% jump in sales bookings compared to the same period last year. Godrej Properties also reported a 283% increase in pre-sales.
India’s top real estate developers reported a strong start to the fiscal with significant growth in pre-sales. Companies like DLF Ltd., Godrej Properties Ltd., and Oberoi Realty Ltd. led the charge, carrying on the sales momentum in the first quarter.
DLF, known for its luxury projects, saw a massive 214% jump in sales bookings compared to the same period last year. Godrej Properties also reported a 283% increase in pre-sales.
Oberoi Realty, known for its high-end properties, saw a 124% increase in pre-sales, but was impacted by a lack of new launches in the quarter. The company derived healthy bookings growth through its Worli project.
Macrotech Developers Ltd. maintained a 20% rise in bookings for the first quarter, in line with its FY25 guidance.
However, Prestige Estates experienced a dip in pre-sales due to election-related delays. But the company remains optimistic about the rest of the year.
FY25 Guidance
Among the top realty companies, DLF has been the most aggressive in achieving its FY25 pre-sales targets, securing 38% of its goals so far.
Other companies like Godrej Properties and Macrotech Developers have also made progress by achieving 32% and 23% of their respective targets in the quarter ended June 30, 2024.
Other Key Parameters
Collections Growth
DLF and Godrej Properties were the top performers with 88% and 54% growth respectively. For FY25, DLF expects to clock in 15% in collections, while Godrej Properties expects total collections of Rs 11,436 crore, thus achieving 20% of its guidance in the June quarter.
Meanwhile, on the laggard side, Oberoi Realty reported a 9% decline in collections at Rs 1,010 crore.
Net Debt/Equity Ratio
DLF maintained a net cash positive position at Rs 2,896 crore in the first quarter, as compared to Rs 1,547 crore in the previous quarter.
Godrej Properties reported a net debt of Rs 7,432 crore in the quarter while its net debt/equity ratio inched upwards to 0.71 times as compared to 0.56 times last year. The company expects to maintain this ratio in the 0.5-1 times range for the year.
Macrotech Developers reported a net debt/equity ratio of 0.24 times, below its 0.5 times equity ceiling. Along with this, it expects an operating cash flow of Rs 6,500 crore in FY25. It stood at Rs 700 crore in the first quarter.
Oberoi Realty reported a further decline in its net debt/equity ratio at 0.06 times versus 0.22 times in the same quarter of last year.
