Godrej Properties Limited · NSE:GODREJPROP
Godrej Properties — Q4 FY2023 Earnings Presentation
49 slides from Godrej Properties's earnings presentation, May 3, 2023
Slide 1: Filing cover letter to stock exchanges
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 May 03, 2023 BSE Limited Phiroze Jeejeebhoy Towers, Da
Slide 2: Results Presentation Fourth Quarter, Financial Year 2023
R E S U LT S P R E S E N T A T I O N FORTH QUARTER, FINANCIAL YEAR 2023 1 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY23
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 FY23 Highlights 02 Q4 FY23 Operational Highlights 03 Q4 FY23 Financial Highlights 04 Annexure 05 3 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY23
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% 18 • Godrej ranks amongst the most trusted Indian brands² Godrej Con
Slide 6: Godrej Properties
GODREJ PROPERTIES • Established in 1990 • India’s largest developer by residential sales in FY21 • Successfully delivered ~32 million sq. ft. of real estate in the Chandigarh 0.5, 1 NCR past five years 34.8, 20 • ~200 million sq. ft. of saleable area across India • Differentiated asset-light busines
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 ~ 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 9.6% 3.36 Godrej Properties 12.0% 4.48 BSE Realty Index -1.7%
Slide 9: Agenda
AGENDA Overview 01 FY23 Highlights 02 Q4 FY23 Operational Highlights 03 Q4 FY23 Financial Highlights 04 Annexure 05 8 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY23
Slide 10: FY23 Highlights
FY23 HIGHLIGHTS Cashflow and Highest ever total net operating cashflow of INR 3,533 crore with YoY growth of 101% Collection Highlights Highest ever annual collection of INR 8,991 crore in FY23 with YoY growth of 40% GPLs highest ever annual sales - booking value increased 56% to INR 12,232 c
Slide 11: Highest ever sales by GPL in a financial year - booking value INR 12,232 crore
HIGHEST EVER SALES BY GPL IN A FINANCIAL YEAR - BOOKING VALUE OF INR 12,232 CRORE • Total booking value in FY23 grew by 56% YoY to INR 12,232 crore • Residential booking value is 99% of total booking value at INR 12,109 crore • Exceeded annual booking guidance by 22% • 6th consecutive year of record
Slide 12: Business Development
BUSINESS DEVELOPMENT Added 18 new projects with an expected future booking value of over INR 32,000 crore Estimated Saleable Area Expected Booking Value Particulars Business Model (million sq. ft.) (INR Cr.) Nagpur Plotted 1.52 575 100% owned plotted development project Godrej Tranquil Extn, MMR 0.7
Slide 13: Construction Highlights
CONSTRUCTION HIGHLIGHTS Delivered ~10.5 million sq. ft. in FY23 Godrej Emerald, MMR Godrej Nurture, Bengaluru Godrej 24, Bengaluru Godrej Rejuve, Pune 0.81 million sq. ft. 0.72 million sq. ft. 0.57 million sq. ft. 0.77 million sq. ft. GPL Economic Interest : GPL Economic Interest : GPL Economic Inte
Slide 14: Construction Highlights (Contd.)
CONSTRUCTION HIGHLIGHTS (Contd.) Godrej R K Studio, MMR Godrej Air NXT, Bengaluru Godrej Royale Woods, Bengaluru Godrej Urban Park, MMR 0.34 million sq. ft. 0.16 million sq. ft. 1.37 million sq. ft. 0.23 million sq. ft. GPL Economic Interest : GPL Economic Interest : GPL Economic Interest : GPL Econ
Slide 15: Business Transformation since FY2019
Business Transformation since FY2019 Before equity raise of INR 5,850 Crore in FY20 (INR 2,100 Crore) and FY21 (INR 3,750 Crore) Scale of operations has more than doubled on all parameters Doubled in Scale Booking value has increased by 130% from INR 5,316 Crore to INR 12,232 Crore Particulars F
Slide 16: Global Recognition for Sustainability Initiatives
GLOBAL RECOGNITION FOR SUSTAINABILITY INITIATIVES Ranked #1 amongst residential developers globally by GRESB (Global Real Estate Sustainability Benchmark) • GRESB is an industry-driven organization committed to rigorous and independent evaluation of the sustainability performance of real estate asse
Slide 17: Sustainability – ESG Performance and CSR Impact
SUSTAINABILITY – ESG PERFORMANCE AND CSR IMPACT GPL has been recognized as a Sector Leader Globally and in Asia for Residential Development in 2022 by Global Real Estate Sustainability Benchmark (GRESB) GPL has been awarded a full score of 100 and rated A for the Public Disclosure assessment in
Slide 18: Awards and Recognitions
AWARDS AND RECOGNITIONS GPL received 91 awards in FY23 ILLUSTRATIVE LIST OF AWARDS GODREJ PROPERTIES PROJECT & INDIVIDUAL AWARDS • Golden Peacock Award • Pirojsha Godrej Winner - CSR in Real Estate Category Global Asian of the Year 2022-23 Award - 19th Edition of Asian Business & ICAI Internationa
Slide 19: Agenda
AGENDA Overview 01 FY23 Highlights 02 Q4 FY23 Operational Highlights 03 Q4 FY23 Financial Highlights 04 Annexure 05 18 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY23
Slide 20: Q4 FY23 Operational Highlights
Q4 FY23 OPERATIONAL HIGHLIGHTS Cashflow and Highest ever quarterly Net operating cashflow for Q4 FY23 of over INR 2,200 crore Collection Highlights Highest ever quarterly collections of INR 3,822 Crore for Q4 FY23 increased by 127% QoQ and 52% YoY Sales GPLs highest ever quarterly sales - b
Slide 21: Sales Highlights
SALES HIGHLIGHTS Particulars Q4 FY23 Q4 FY22 Growth Q3 FY23 Growth FY23 FY22 Growth Area Sold (million sq. ft.) 5.25 4.24 24% 4.42 19% 15.21 10.84 40% Booking Value (INR Cr) 4,051 3,248 25% 3,252 25% 12,232 7,861 56% Customer Collections* (INR Cr) 3,822 2,517 52% 1,684 127% 8,991 6,359 41% * Net of
Slide 22: Sales Highlights (Contd.)
SALES HIGHLIGHTS (Contd.) City-wise Sales Breakdown for Q4 FY23 MMR NCR • Registered booking value of INR 1,000 crore through • Registered booking value of INR 911 crore through sale sale of 636 units with total sales of 0.80 million sq. ft. of 432 units with total sales of 0.84 million sq. ft. Beng
Slide 23: Project Booking
PROJECT BOOKING Particulars Booking Area (mn. sq. ft.) Booking Value (INR Cr) Residential Projects Q4 FY23 FY23 Q4 FY23 FY23 Godrej Orchard Estate, Nagpur 0.96 0.96 384 384 Godrej Splendor, Bengaluru 0.51 1.40 373 980 Godrej Hillside/ Meadows/ Green Cove, Pune 0.44 0.83 352 643 Godrej Horizon, MMR 0
Slide 24: Project Booking (Contd.)
PROJECT BOOKING (Contd.) Particulars Booking Area (mn. sq. ft.) Booking Value (INR Cr) Commercial Projects Q4 FY23 FY23 Q4 FY23 FY23 Godrej Eternia, Chandigarh 0.07 0.14 58.6 115.6 Godrej Genesis, Kolkata 0.01 0.01 7.5 7.5 Total 0.08 0.15 66.1 123.1 Grand Total 5.25 15.21 4,051 12,232 23 | GODREJ PR
Slide 25: Quarterly Sales Trend
QUARTERLY SALES TREND Quarterly Sales Value 4,051 3,248 3,252 2,574 2,520 2,409 (INR cr) 1,541 497 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Quarterly Sales Volume 5.3 4.4 4.2 3.6 (Million sq.ft.) 2.8 2.7 2.2 0.8 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3FY23 Q4FY23 24
Slide 26: Business Development
BUSINESS DEVELOPMENT Added 5 new projects with an estimated saleable area of ~9 million sq. ft. and expected booking value of INR 5,750 crore in Q4 FY23 Old Madras Road (OMR), Bengaluru Spread across approximately 28 acres, the project will offer 4.5 million sq. ft. of residential development loca
Slide 27: Business Development (Contd.)
BUSINESS DEVELOPMENT (Contd.) Existing project update Hinjewadi, Pune GPL’s economic interest: 99% GPL has bought out JVPs share in the project thereby increasing the economic interest to 99% Saleable area reduced to 7.59 million sq. ft. from 10.2 million sq. ft. due to change in product mix. G
Slide 28: Launch Tracker FY23
LAUNCH TRACKER FY23 Launch timings are dependent on receipt of regulatory approvals and can be delayed substantially beyond initial expectations New Project Launches Planned in FY23 New Phase Launches Planned in FY23 Project City Launch Launch Status Area* Project City Status Area* Godrej Horizon MM
Slide 29: 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* Chennai Plotted C
Slide 30: FY24 Guidance
FY24 GUIDANCE FY23 FY23 Achievement FY24 Particulars Guidance Actual (%) Guidance Booking Value (INR Crore) 10,000 12,232 122% 14,000 Cash Collections (INR Crore) - 8,991 - 10,000 Deliveries (Million Sq. Ft.) 10.00 10.47 105% 12.50 Business Development (by expected booking value) (INR Crore) 15,000
Slide 31: Awards and Recognitions
AWARDS AND RECOGNITIONS GPL received 17 awards in Q4 FY23 ILLUSTRATIVE LIST OF AWARDS GODREJ PROPERTIES PROJECT & INDIVIDUAL AWARDS • ICAI International Sustainability Reporting Awards 2021-22 • Pirojsha Godrej Gold Award - Gender Equality Global Asian of the Year 2022-23 Award - 19th Edition of Asi
Slide 32: Agenda
AGENDA Overview 01 FY23 Highlights 02 Q4 FY23 Operational Highlights 03 Q4 FY23 Financial Highlights Annexure 05 04 31 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY23
Slide 33: Consolidated Financial Statements – P&L
CONSOLIDATED FINANCIAL STATEMENTS – P & L (INR Cr) Particulars Q4 FY23 Q4 FY22 % Change Q3 FY23 % Change FY23 FY22 % Change Total Income 1,930 1,476 31% 366 427% 2,998 2,397 25% Adjusted EBITDA* 729 439 66% 160 356% 1,118 750 49% EBITDA** 630 403 56% 153 310% 994 705 41% Profit before tax 570 354 61
Slide 34: Consolidated Cashflow
CONSOLIDATED CASHFLOW (INR Cr) Notes Particulars Q4 FY23 FY23 Operating cashflow Total operating cash inflow 4,312 10,483 A Operating cash outflow Construction and related outflow -1,056 -3,575 Other project related outflow -1,011 -3,375 Total operating cash outflow -2,067 -6,950 Net operating cashf
Slide 35: Consolidated Financial Statements - BS
CONSOLIDATED FINANCIAL STATEMENTS - BS (INR Cr) Sr. No Particulars As on 31.03.2023 As on 31.03.2022 A Assets Audited Audited 1 Non Current assets a Property, plant & equipment 153.16 104.62 b Right-of-Use Asset 17.07 24.73 c Capital Work-in-Progress 652.44 339.49 d Investment Property 32.19 34.03 e
Slide 36: Consolidated Financial Statements - BS
CONSOLIDATED FINANCIAL STATEMENTS - BS (INR Cr) Sr. No Particulars As on 31.03.2023 As on 31.03.2022 B Equity and Liabilities Audited Audited 1 Equity a Equity share capital 139.01 138.99 b Other equity 9,125.19 8,536.40 c Non-controlling interest 22.95 -1.82 Total Equity 9,287.15 8,673.57 2 Liabili
Slide 37: Financial Analysis
FINANCIAL ANALYSIS Profitability Indicators Particulars Q4 FY23 Q4 FY22 Q3 FY23 FY23 FY22 Adjusted EBITDA / Total Income* 37.7% 29.7% 43.6% 37.3% 31.3% EBITDA / Total Income** 32.6% 27.3% 41.9% 33.1% 29.4% PBT Margin % 29.5% 24.0% 27.6% 26.5% 21.5% Net Profit Margin %# 21.4% 17.6% 16.0% 19.1% 14.7%
Slide 38: Agenda
AGENDA Overview 01 FY23 Highlights 02 Q4 FY23 Operational Highlights 03 Q4 FY23 Financial Highlights 04 Annexure 05 37 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY23
Slide 39: A. Residential Projects
A. RESIDENTIAL PROJECTS *Saleable area reduced post design from 1.52 msf #Pursuant to GPL buying out JVPs share, the project has become 99% owned project and is now line-by-line consolidated. Saleable area has been reduced from 10.2 million Sq. ft. as part of the area will be plotted development as
Slide 40: A. Residential Projects
A. RESIDENTIAL PROJECTS *GPL's economic interest increased to 74% during the quarter from 25.1% earlier #Minor change in saleable area from 0.6 msf post design 9 projects from previous Q3FY23 presentation have been removed as they are 100% OC received with 95-100% sales and 90-100% collection receiv
Slide 41: A. Residential Projects
A. RESIDENTIAL PROJECTS *GPL's economic interest increased to 74% during the quarter from 25.1% earlier 40 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY23
Slide 42: A. Residential Projects
A. RESIDENTIAL PROJECTS 41 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY23
Slide 43: A. Residential Projects
A. RESIDENTIAL PROJECTS *Total estimated saleable area represents GPL share balance area to be sold for project 42 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY23
Slide 44: B. Commercial Projects
B. COMMERCIAL PROJECTS 43 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY23
Slide 45: 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 44 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY23
Slide 46: Press Release: Consolidated Financials for Q4 FY23 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 Q4 FY23 Results GPL’s highest ever quarterly and annual net profit of INR 41
Slide 47: Press release: Business Development
Became the only developer to achieve a booking value of more than INR 2,000 Crore in a year across each of the 4 large markets of NCR, MMR, Bengaluru and Pune. Business Development Added 5 new projects with a total estimated saleable area of nearly 9 million sq. ft. and total estimated booking val
Slide 48: Press release: Financial Overview
Commenting on the performance of Q4 FY2023, Mr. Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said: “Residential real estate demand in India has been strong throughout FY 23 and leading developers have benefited from both sectoral growth as well as market share gains. Godrej Pro
Slide 49: About Godrej Properties Limited
About Godrej Properties Limited: Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. Each Godrej Properties development combines a 126- year legacy of excellence and trust with a commitment to cutting edge design, technology