Godrej Properties Limited · NSE:GODREJPROP
Godrej Properties — Q4 FY2024 Earnings Presentation
52 slides from Godrej Properties's earnings presentation, May 3, 2024
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 May 03, 2024 BSE Limited Phiroze Jeejeebhoy Towers, Da
Slide 2: Results Presentation Fourth Quarter, Financial Year 2024
R E S U LT S P R E S E N T A T I O N FOURTH QUARTER, FINANCIAL YEAR 2024 1 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
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 FY24 Highlights 02 Q4 FY24 Operational Highlights 03 Q4 FY24 Financial Highlights 04 Annexure 05 3 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 5: Godrej Group
GODREJ GROUP • Established in 1897 Value Creation Track Record • $6 billion in annual revenue 23 year CAGR in ` 1 invested in Particulars stock price June 2001 is now worth • 1.1 billion people globally use a Godrej product1 • Godrej ranks amongst the most trusted Indian brands2 BSE Sensex 15% 22 •
Slide 6: Godrej Properties
GODREJ PROPERTIES • Established in 1990 • India’s largest listed developer by booking value in FY24* • Successfully delivered ~47 million sq. ft. of real estate since Chandigarh 0.5, 1 FY2018 NCR 40.9, 26 • ~223 million sq. ft. of saleable area across India • Received rating of 98/100 by the Global
Slide 7: Strengths
STRENGTHS 1.1 billion people globally use a Godrej product1 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 ~5X an identical investment into the BSE Realty Index Value Creation Track Record 14 year CAGR in ` 1 invested in Particulars stock price January 2010 is now worth BSE Sensex 10.6% 4.19 Godrej Properties 17.5% 10.00 BSE Realty Index
Slide 9: Agenda
AGENDA Overview 01 FY24 Highlights 02 Q4 FY24 Operational Highlights 03 Q4 FY24 Financial Highlights 04 Annexure 05 8 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 10: FY24 Highlights
FY24 HIGHLIGHTS Ÿ GPLs highest ever annual sales - booking value stood at INR 22,527 crore, a YoY growth of 84%, from the sale of 20 million sq. ft. of area. This is the highest ever annual sales reported by a listed develop in India until date Ÿ Achieved 161% of booking value guidance for FY24 on
Slide 11: Highest ever sales by any listed developer in India in a financial year
HIGHEST EVER SALES BY ANY LISTED DEVELOPER IN INDIA IN A FINANCIAL YEAR – BOOKING VALUE OF INR 22,527 CRORE* • Total booking value in FY24 grew by 84% YoY to INR 22,527 crore • Residential booking value is 99.9% of total booking value at INR 22,505 crore • Exceeded annual booking guidance by 61% • 7
Slide 12: Exponential growth in booking value attributable to GPL
EXPONENTIAL GROWTH IN BOOKING VALUE ATTRIBUTABLE TO GPL Booking value attributable to GPL has grown by 55.7% CAGR in last 5 years due to a combination of change in product mix towards more premium portfolio, growth in sales volume, and higher economic interest in the projects FY19 FY20 FY21 FY22 FY2
Slide 13: Business Development
BUSINESS DEVELOPMENT Added 10 new projects with an expected future booking value of INR 21,225 crore Particulars Estimated Saleable Area Expected Booking Value Business Model (million sq. ft.) (INR Cr) New Alipore, Kolkata 0.98 1,200 100% owned group housing development project Sector 103, Gurugram
Slide 14: Pro-forma P&L basis operating performance
PRO-FORMA P&L BASIS OPERATING PERFORMANCE FY24-considering Particulars FY24 Actuals contingency@10% of I-EBIT Booking value INR Crore 22,527 22,527 Imputed EBIT INR Crore 6,034 5,431 Imputed PBT INR Crore 4,507 3,904 Tax Rate % 26.8% 26.8% Imputed PAT INR Crore 3,299 2,857 Imputed-EBIT Margin % 26.8
Slide 15: Scale-up in collections and operating cash flow
SCALE-UP IN COLLECTIONS AND OPERATING CASH FLOW Collections (INR Crore) 11,436 CAGR 8,991 31.8% 6,359 3,789 4,015 FY20 FY21 FY22 FY23 FY24 OCF (INR Crore) 4,334 3,533 CAGR 52.9% 1,761 793 893 FY20 FY21 FY22 FY23 FY24 1 14 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 16: Construction Highlights
CONSTRUCTION HIGHLIGHTS Delivered 12.5 million sq. ft. in FY24 Godrej City, MMR Godrej Nature+, Gurugram Godrej Woods, Noida Godrej South Estate, NCR 0.55 million sq. ft. 0.39 million sq. ft. 1.57 million sq. ft. 0.58 million sq. ft. GPL Economic Interest : GPL Economic Interest : GPL Economic Inter
Slide 17: Construction Highlights
CONSTRUCTION HIGHLIGHTS Delivered 12.5 million sq. ft. in FY24 Godrej Park Greens, Pune Godrej Ananda, Bengaluru 0.45 million sq. ft. 0.74 million sq. ft. GPL Economic Interest : GPL Economic Interest : DM- 6.6% of Revenue & DM-4.5% of Revenue & Profit Share – 93% Profit Share-49% Plotted developmen
Slide 18: 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 Launch Launch Project City Status Project City Status Area* Area* Godrej Emerald Wa
Slide 19: Launch Pipeline FY25
LAUNCH PIPELINE FY25 Launch timings are dependent on receipt of regulatory approvals and can be delayed substantially beyond initial expectations Expected Expected City Launch Area Launch Value (msf) (INR Crore) MMR 5.5 9,500 NCR 4.1 9,200 Bengaluru 5.1 4,900 Pune 4.5 3,700 Others 2.7 2,700 Total ~2
Slide 20: FY24 Guidance Achievement & FY25 Guidance
FY24 GUIDANCE ACHIEVEMENT & FY25 GUIDANCE FY24 Achievement FY25 Particulars FY24 Actual Guidance (%) Guidance Booking Value (INR Crore) 14,000 22,527 161% 27,000 Cash Collections (INR Crore) 10,000 11,436 114% 15,000 Deliveries (Million Sq. Ft.) 12.5 12.5 100% 15.0 Business Development (by expected
Slide 21: Sustainability – ESG Performance and CSR Impact
SUSTAINABILITY – ESG PERFORMANCE AND CSR IMPACT • Godrej Properties is added to the Leadership Index of DJSI for the year 2023 ESG Ratings & • GPL has been added to leadership Index for supply chain in Climate Disclosure Project (CDP) ratings while Disclosures scoring a B for climate change 2023 ESG
Slide 22: Sustainability – ESG Performance and CSR Impact
SUSTAINABILITY – ESG PERFORMANCE AND CSR IMPACT Ÿ GRESB is an industry-driven organization committed to rigorous and independent evaluation of the sustainability performance of real estate assets across the globe. It widely recognized as the global standard for portfolio-level ESG reporting and benc
Slide 23: Awards and Recognitions
AWARDS AND RECOGNITIONS Received 96 awards in FY24 ILLUSTRATIVE LIST OF AWARDS GODREJ PROPERTIES PROJECT AWARDS Ÿ India Workplace Equality Index 2023 Silver Winner – Top Employer Ÿ Godrej Meadows, Pune Runner Up - ICC National OH&S Awards – Gold Award Ÿ Euromoney's Global Real Estate Awards 2023 Win
Slide 24: Update on Commercial Portfolio
UPDATE ON COMMERCIAL PORTFOLIO • Total estimated stabilized annual rental income potential of INR 1,100 crores from commercial portfolio (GPL’s share will be INR 270 crores). • In addition to already operational asset of Godrej Two, 4 out of the balance 5 projects are expected to be completed in FY2
Slide 25: Update on Taj The Trees
UPDATE ON TAJ THE TREES Taj The Trees in Vikhroli, Mumbai Owned by GPL and managed in partnership with Tata Group Meeting rooms Capacity of 172 guests Standard | Co-working | Conference State of the art lobby Banquet - capacity of 380+ guests Wellness Centre - Spa | Gym & yoga Particulars
Slide 26: Agenda
AGENDA Overview 01 FY24 Highlights 02 Q4 FY24 Operational Highlights 03 Q4 FY24 Financial Highlights 04 Annexure 05 25 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 27: Q4 FY24 Operational Highlights
Q4 FY24 OPERATIONAL HIGHLIGHTS Ÿ GPLs highest ever quarterly sales for third quarter in a row - booking value stood at INR 9,519 crore, a YoY growth of 135%, from the sale of 8.17 million sq. ft. of area. This is the highest ever quarterly sales announced by a listed developer in India until date Ÿ
Slide 28: Sales Highlights
SALES HIGHLIGHTS Particulars Q4 FY24 Q4 FY23 Growth Q3 FY24 Growth FY24 FY23 Growth Area Sold ( million sq. ft.) 8.17 5.25 56% 4.34 88% 20.00 15.21 31% Booking Value (INR Cr) 9,519 4,051 135% 5,720 66% 22,527 12,232 84% Customer Collections* (INR Cr) 4,693 3,822 23% 2,411 95% 11,436 8,991 27% *Net o
Slide 29: Sales Highlights (Contd.)
SALES HIGHLIGHTS (CONTD.) City-wise Sales Breakdown for Q4 FY24 MMR NCR Registered booking value of INR 4,022 crore through sale of Registered booking value of INR 3,529 crore through sale of 1,393 units with total sales of 2.53 million sq. ft. 1,252 units with total sales of 2.44 million sq. ft. PU
Slide 30: Project Booking
PROJECT BOOKING Particulars Booking Area (mn. sq. ft.) Booking Value (INR Cr) Q4 FY24 FY24 Q4 FY24 FY24 Godrej Zenith (Sector 89), NCR 2.08 2.08 3,008 3,008 Godrej Reserve (Kandivali), MMR 1.51 1.51 2,693 2,693 Hinjawadi/ Maanhinge, Pune 0.86 1.01 718 832 Godrej Vistas, MMR 0.17 0.17 438 438 Godrej
Slide 31: Quarterly Sales Trend
QUARTERLY SALES TREND Quarterly Sales Value 9,519 5,720 5,034 (INR cr) 4,051 3,252 2,520 2,409 2,254 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Quarterly Sales Volume 8.17 5.25 5.23 (Million sq. ft.) 4.42 4.34 2.83 2.71 2.25 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 30 | G
Slide 32: Business Development
BUSINESS DEVELOPMENT Added 4 new projects with an estimated saleable area of 11.2 million sq. ft. and expected booking value of INR 12,800 crore in Q4FY24 Rajendra Nagar, Hyderabad • Spread across approximately 12.5 acres, the project will offer 4.0 million sq. ft. of premium residential development
Slide 33: Business Development (Contd.)
BUSINESS DEVELOPMENT (Contd.) Devanhalli, Bengaluru* GPL Economic Interest: Profit share – 50% • Spread across approximately 62 acres, the project will offer 5.6 million sq. ft. of premium residential development. • This land parcel is strategically located in one of the most sought-after locations
Slide 34: Construction Highlights
CONSTRUCTION HIGHLIGHTS Delivered 6 million sq. ft. in Q4 FY24 Godrej Park Greens, Pune Godrej Ananda, Bengaluru Godrej Woods, Noida 0.45 million sq. ft. 0.74 million sq. ft. 0.28 million sq. ft. GPL Economic Interest : GPL Economic Interest : GPL Economic Interest : DM- 6.6% of Revenue & DM-4.5% of
Slide 35: Awards and Recognitions
AWARDS AND RECOGNITIONS Received 38 awards in Q4 FY24 ILLUSTRATIVE LIST OF AWARDS PROJECT AWARDS Ÿ Godrej Urban Park, MMR | Godrej Park Retreat, Bengaluru | Godrej Ÿ Godrej Hillside 2, Pune Meadows, Pune | Godrej Country Estate, MMR | Godrej Hill Retreat, Pune Winner - 15th Realty +Conclave Awards -
Slide 36: Agenda
AGENDA Overview 01 FY24 Highlights 02 Q4 FY24 Operational Highlights 03 Q4 FY24 Financial Highlights 04 Annexure 05 35 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 37: Consolidated Financial Statements – P&L
CONSOLIDATED FINANCIAL STATEMENTS – P & L (INR Cr) Particulars Q4 FY24 Q4 FY23 % Change Q3 FY24 % Change FY24 FY23 % Change Total Income 1,952 1,930 1% 524 273% 4,362 2,998 45% Adjusted EBITDA** 717 729 -2% 167 329% 1,379 1,118 23% EBITDA** 649 630 3% 152 328% 1,197 994 20% Profit before tax 601 570
Slide 38: Consolidated Financial Statements - Cashflow
CONSOLIDATED FINANCIAL STATEMENTS - CASHFLOW (INR Cr) Notes Particulars Q4 FY24 FY24 Operating cashflow Total operating cash inflow1 5,333 12,940 Operating cash outflow A Construction & related outflow -1,285 -4,093 Other project related outflow -1,440 -4,513 Total operating cash outflow -2725 -8,60
Slide 39: Consolidated Financial Statements - BS
CONSOLIDATED FINANCIAL STATEMENTS - BS (INR Cr) Sr. No Particulars As on 31.03.2024 As on 31.03.2023 A Assets Audited Audited 1 Non Current assets a Property, Plant and Equipment 930.05 153.16 b Right-of-Use Asset 21.29 17.07 c Capital Work-In-Progress 248.96 652.44 d Investment Property 30.48 32.19
Slide 40: Consolidated Financial Statements - BS
CONSOLIDATED FINANCIAL STATEMENTS - BS (INR Cr) Sr. No Particulars As on 31.03.2024 As on 31.03.2023 B Equity and Liabilities Audited Audited 1 Equity a Equity share capital 139.02 139.01 b Other equity 9,853.49 9,125.19 c Non-controlling interest 308.93 22.95 Total Equity 10,301.44 9,287.15 2 Liabi
Slide 41: Financial Analysis
FINANCIAL ANALYSIS Profitability Indicators (INR Cr) Particulars Q4 FY24 Q4 FY23 Q3 FY24 FY24 FY23 Adjusted EBITDA / 36.7% 37.7% 31.9% 31.6% 37.3% Total Income** EBITDA / Total 33.2% 32.6% 29.0% 27.4% 33.1% Income* PBT Margin % 30.8% 29.5% 18.1% 22.9% 26.5% Net Profit Margin %# 24.1% 21.4% 11.9% 16.
Slide 42: Agenda
AGENDA Overview 01 FY24 Highlights 02 Q4 FY24 Operational Highlights 03 Q4 FY24 Financial Highlights 04 Annexure 05 41 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 43: A. Residential Projects
A. RESIDENTIAL PROJECTS 42 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 44: A. Residential Projects
A. RESIDENTIAL PROJECTS 43 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 45: A. Residential Projects
A. RESIDENTIAL PROJECTS 44 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 46: A. Residential Projects
A. RESIDENTIAL PROJECTS 45 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 47: B. Commercial Projects
B. COMMERCIAL PROJECTS 46 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 48: 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 47 | GODREJ PROPERTIES I RESULTS PRESENTATION Q4 FY24
Slide 49: Press Release: Consolidated Financials for Q4 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 Q4 FY24 Results • GPL’s best ever quarterly and annual sales - booking value s
Slide 50: Press release: highest ever annual sales
the highest ever annual sales announced to date by any publicly listed real estate developer in India. This was achieved through the sale of 14,310 homes with a total area of 20 million sq. ft. • Sales were driven by superlative consumer demand in some key new project launches. Godrej Zenith in NCR
Slide 51: Press release: Other Highlights
• For FY24, added 10 new projects with an estimated revenue potential of ~INR 21,225 crore, 42% above the BD guidance of INR 15,000 Crore of estimated booking value. Other Highlights • Highest ever cash collections of INR 4,693 crore for Q4FY24 and INR 11,436 crores for FY24 leading to net operating
Slide 52: Press release: EBITDA and About Godrej Properties
• EBITDA grew by 20% to INR 1,197 crore as compared to INR 994 crore • Net Profit grew by 27% to INR 725 crore as compared to INR 571 crore • EPS amounted to INR 26.09 as compared to INR 20.55 --ENDS-- About Godrej Properties Limited: Godrej Properties brings the Godrej Group philosophy of innovatio