Godrej Properties Limited · NSE:GODREJPROP
Godrej Properties — Q1 FY2024 Earnings Presentation
38 slides from Godrej Properties's earnings presentation, Aug 2, 2023
Slide 1: Exchange filing cover letter
Godrej Properties Limited Regd. Office: Godrej One 5th Floor, Pirojshanagar, Eastern Express Highway, Vikhroli (E), Mumbai – 400 079. India Tel.: +91-22-6169-8500 Fax: +91-22-6169-8888 Website: www.godrejproperties.com CIN: L74120MH1985PLC035308 August 02, 2023 BSE Limited Phiroze Jeejeebhoy Towers,
Slide 2: Results Presentation First Quarter, Financial Year 2024
R E S U LT S P R E S E N T A T I O N FIRST QUARTER, FINANCIAL YEAR 2024
Slide 3: Disclaimer
DISCLAIMER Some of the statements in this communication may be 'forward looking statements' within the meaning of applicable laws and regulations. Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the Company's operation
Slide 4: Agenda
AGENDA Overview 01 Q1 FY24 Operational Highlights 02 Q1 FY24 Financial Highlights 03 Annexure 04 3 | GODREJ PROPERTIES I RESULTS PRESENTATION Q1 FY24
Slide 5: Godrej Group
GODREJ GROUP • Established in 1897 Value Creation Track Record • $6 bn annual revenue 22 year CAGR in ` 1 invested in Particulars stock price June 2001 is now worth • 1.1 billion people globally use a Godrej product¹ BSE Sensex 14% 19 • Godrej ranks amongst the most trusted Indian brands² Godrej Con
Slide 6: Godrej Properties
GODREJ PROPERTIES • Established in 1990 • India’s largest developer by number of homes sold in FY23 • Successfully delivered ~37 million sq. ft. of real estate in the Chandigarh 0.5, 1 NCR past five years 39.1, 25 • ~212 million sq. ft. of saleable area across India • Differentiated asset-light busi
Slide 7: Strengths
STRENGTHS 1 1.1 billion people globally use a Godrej product Godrej Brand Godrej Properties ranked as the most trusted real estate brand in the 2019 Brand Trust Report GPL brings the Godrej brands reputation for trust, quality and corporate governance to the real estate sector Effective Land
Slide 8: Stock Performance
STOCK PERFORMANCE An investment into GPL’s IPO would be worth over ~6X an identical investment into the BSE Realty Index Value Creation Track Record 13 year CAGR in ` 1 invested in Particulars stock price January 2010 is now worth BSE Sensex 10.2% 3.69 Godrej Properties 15.3% 6.82 BSE Realty Index 0
Slide 9: Agenda
AGENDA Overview 01 Q1 FY24 Operational Highlights 02 Q1 FY24 Financial Highlights 03 Annexure 04
Slide 10: Q1 FY24 Operational Highlights
Q1 FY24 OPERATIONAL HIGHLIGHTS Sales Q1 FY24 booking value stood at INR 2,254 crore from the sale of 2.25 million sq. ft. Highlights 3 new project and phase launches during the quarter across 2 cities Business Added 4 new residential projects in Kolkata and Gurugram with an estimated booking v
Slide 11: Sales Highlights
SALES HIGHLIGHTS Muted quarterly sales performance due to some planned launches being delayed. Expect improved momentum in Q2. Remain on track to meet full year guidance Particulars Q1 FY24 Q1 FY23 Growth Q4 FY23 Growth FY23 Area Sold (million sq. ft.) 2.25 2.83 -20% 5.25 -57% 15.21 Booking Value (I
Slide 12: Project Booking
PROJECT BOOKING Particulars Booking Area (mn. sq. ft.) Booking Value (INR Cr) Q1 FY24 Q1 FY24 Godrej Splendor, Bengaluru 0.47 355 Godrej Hillside/ Meadows/ Green Cove, Pune 0.28 205 Godrej Urban Retreat/ Sky green/ Parkridge, Pune 0.24 175 Godrej Woods (Sector 43), NCR 0.11 153 Godrej Ascend, MMR 0.
Slide 13: Quarterly Sales Trend
QUARTERLY SALES TREND Quarterly Sales Value 4,051 3,248 3,252 2,574 2,520 2,409 2,254 (INR cr) 1,541 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1FY24 Quarterly Sales Volume 5.3 4.4 4.2 3.6 (Million sq.ft.) 2.8 2.7 2.2 2.25 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3FY23 Q4FY23 Q1FY24 12
Slide 14: Business Development
BUSINESS DEVELOPMENT Added 4 new projects with an estimated saleable area of ~3.7 million sq. ft. and expected booking value of INR 6,450 crore between April-July 2023* New Alipore, Kolkata Spread across approximately 7.44 acres, the project will offer 0.98 million sq. ft. of luxury residential de
Slide 15: Business Development (Contd.)
BUSINESS DEVELOPMENT (Contd.) Existing project update Godrej Park, MMR GPL’s economic interest: 100% • GPL has increased its revenue share of 56.5% to 100% • Spread across approximately 6.7 acres, the project will offer 1.2 million sq. ft. of residential development located at LBS Road, Bhandup • Th
Slide 16: Construction Highlights
CONSTRUCTION HIGHLIGHTS Delivered ~4.9 million sq. ft. in Q1 FY24 Godrej City, MMR Godrej Nature+, Gurugram Godrej Woods, Noida Godrej South Estate, NCR 0.55 million sq. ft. 0.39 million sq. ft. 1.29 million sq. ft. 0.58 million sq. ft. GPL Economic Interest : GPL Economic Interest : GPL Economic In
Slide 17: Launch Tracker FY24
LAUNCH TRACKER FY24 Launch timings are dependent on receipt of regulatory approvals and can be delayed substantially beyond initial expectations New Project Launches Planned in FY24 New Phase Launches Planned in FY24 Project City Launch Launch Status Area* Project City Status Area* # Godrej Emerald
Slide 18: FY24 Guidance
FY24 GUIDANCE FY23 FY24 FY24 YTD Achievement Updated Particulars Actual Guidance Actual (%) Assessment* Booking Value (INR Crore) 12,232 14,000 2,254 16% Cash Collections (INR Crore) 8,991 10,000 1,954 20% Deliveries (Million Sq. Ft.) 10.47 12.50 4.9 39% Business Development (by expected booking val
Slide 19: Sustainability – ESG Performance and CSR Impact
SUSTAINABILITY – ESG PERFORMANCE AND CSR IMPACT ESG Rating GPL published its second Integrated Report for FY 2022-23 along with Business Responsibility Sustainability Reporting (BRSR) and Reporting GPL remains a part of FTSE4Good Index Series We are proud to have achieved ISO 27001:2022 certi
Slide 20: Awards and Recognitions
AWARDS AND RECOGNITIONS GPL received 3 Project awards in Q1 FY24 ILLUSTRATIVE LIST OF AWARDS GODREJ PROPERTIES PROJECT & INDIVIDUAL AWARDS • 4th Annual ESG Summit and Awards, 2023 • Saurabh Mohindru, Chief Legal officer Winner - Best Sustainable Waste Management Initiative BW Legal World Top 100 gen
Slide 21: Agenda
AGENDA Overview 01 Q1 FY24 Operational Highlights 02 Q1 FY24 Financial Highlights 03 Annexure 04
Slide 22: Consolidated Financial Statements – P & L
CONSOLIDATED FINANCIAL STATEMENTS – P & L (INR Cr) Particulars Q1 FY24 Q1 FY23 % Change Q4 FY23 % Change FY23 Total Income 1,315 375 251% 1,930 -32% 2,998 Adjusted EBITDA* 317 132 140% 729 -57% 1,118 EBITDA** 230 116 98% 630 -64% 994 Profit before tax 193 76 154% 570 -66% 795 Net Profit after tax 12
Slide 23: Consolidated Cashflow
CONSOLIDATED CASHFLOW (INR Cr) Notes Particulars Q1 FY24 Operating cashflow Total operating cash inflow 2,233 A Operating cash outflow Construction and related outflow -940 Other project related outflow -1,175 Total operating cash outflow -2,115 Net operating cashflow 118 Financial cashflow B Intere
Slide 24: Consolidated Financial Statements - BS
CONSOLIDATED FINANCIAL STATEMENTS - BS (INR Cr) Sr. No Particulars As on 30.06.2023 As on 31.03.2023 A Assets Unudited Audited 1 Non Current assets a Property, plant & equipment 161.22 153.16 b Right-of-Use Asset 16.30 17.07 c Capital Work-in-Progress 677.30 652.44 d Investment Property 31.76 32.19
Slide 25: Consolidated Financial Statements - BS
CONSOLIDATED FINANCIAL STATEMENTS - BS (INR Cr) Sr. No Particulars As on 30.06.2023 As on 31.03.2023 B Equity and Liabilities Unaudited Audited 1 Equity a Equity share capital 139.01 139.01 b Other equity 9,250.38 9,125.19 c Non-controlling interest 1.43 22.95 Total Equity 9,390.83 9,287.15 2 Liabil
Slide 26: Financial Analysis
FINANCIAL ANALYSIS Profitability Indicators (INR Cr) Particulars Q1 FY24 Q1 FY23 Q4 FY23 FY23 Adjusted EBITDA / Total Income* 24.1% 35.2% 37.7% 37.3% EBITDA / Total Income** 17.5% 30.9% 32.6% 33.1% PBT Margin % 14.7% 20.3% 29.5% 26.5% Net Profit Margin %# 9.5% 12.2% 21.4% 19.1% *Adjusted EBITDA = EB
Slide 27: Agenda
AGENDA Overview 01 Q1 FY24 Operational Highlights 02 Q1 FY24 Financial Highlights 03 Annexure 04
Slide 28: A. Residential Projects
A. RESIDENTIAL PROJECTS 27 | GODREJ PROPERTIES I RESULTS PRESENTATION Q1 FY24
Slide 29: A. Residential Projects
A. RESIDENTIAL PROJECTS *GPL's economic interest increased to 100% during the quarter from 74% earlier 28 | GODREJ PROPERTIES I RESULTS PRESENTATION Q1 FY24
Slide 30: A. Residential Projects
A. RESIDENTIAL PROJECTS *GPL's economic interest increased to 100% during the quarter from 74% earlier #GPL's economic interest increased to 100% during the quarter from 58% profit share earlier 29 | GODREJ PROPERTIES I RESULTS PRESENTATION Q1 FY24
Slide 31: A. Residential Projects
A. RESIDENTIAL PROJECTS #GPL's economic interest increased to 100% during the quarter from 56.5% revenue share earlier. Saleable area has also increased to 1.2 msf from 0.77 msf 30 | GODREJ PROPERTIES I RESULTS PRESENTATION Q1 FY24
Slide 32: A. Residential Projects
A. RESIDENTIAL PROJECTS *Total estimated saleable area represents GPL share balance area to be sold $ Total Saleable area has been reduced from 1.20 msf due to non-fulfillment of certain obligations by JVP 31 | GODREJ PROPERTIES I RESULTS PRESENTATION Q1 FY24
Slide 33: B. Commercial Projects
B. COMMERCIAL PROJECTS I. Commercial Projects (Build to Sale) *Primarily a residential project with a portion of commercial saleable area ii. Commercial Projects (Build to Lease) iii. Commercial Projects (Build to Operate) 32 | GODREJ PROPERTIES I RESULTS PRESENTATION Q1 FY24
Slide 34: Thank You
THANK YOU For further information, please contact: Rajendra Khetawat Godrej Properties Limited Tel: +91 22 6169 8500 Fax: +91 22 6169 8888 Email: rajendra@godrejproperties.com
Slide 35: Press Release: Consolidated Financials for Q1 FY24 Results
GODREJ PROPERTIES LIMITED CIN : L74120MH1985PLC035308 Registered and Corporate Office: Godrej One, 5th Floor, Pirojshanagar, Vikhroli (E), Eastern Express Highway, Mumbai – 400079 PRESS RELEASE Consolidated Financials for Q1 FY24 Results Total Income grew by 251% to INR 1,315 crore and net profit
Slide 36: Press Release: Other Highlights and Chairperson Comments
Particulars Estimated Expected Business Model Saleable Area Booking Value (million sq. ft.) (INR Cr) 100% owned group housing New Alipore, Kolkata 0.98 1,200 development project 100% owned group housing Gurugram 1 1.53 2,150 development project 100% owned group housing Gurugram 2* 0.59 1,700 develop
Slide 37: Financial Overview (Consolidated)
Financial Overview (Consolidated) Q1 FY24 performance overview compared with Q1 FY23 Total Income grew by 251% to INR 1,315 crore as compared to INR 375 crore EBITDA grew by 98% to INR 230 crore as compared to INR 116 crore Net Profit grew by 174% to INR 125 crore as compared to INR 46 crore
Slide 38: Disclaimer
DISCLAIMER: Some of the statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. Actual results might differ substantially from those expressed or implied. Important developments that could affect the Company’s operations include cha