Godrej Properties Limited (GPL), one of India's leading real estate developers, has announced its latest quarterly financial results, showing mixed performance with profit growth but revenue decline.

Financial Performance

Godrej Properties reported a net profit of ₹600.00 crore for the quarter, marking a 15.4% increase from the previous year. However, the company experienced a significant revenue decline of 41% to ₹435.00 crore compared to the same quarter last year. GPL also posted an EBITDA loss of ₹243.00 crore for the quarter.

Key Financial Highlights

• Net Profit: ₹600.00 crore, up 15.4% year-over-year
• Revenue: ₹435.00 crore, down 41% year-over-year
• EBITDA: Loss of ₹243.00 crore
• Other Income: Increased to ₹1,186.00 crore from ₹960.00 crore year-on-year
• Booking Value: ₹7,082.00 crore, down 18% from ₹8,637.00 crore in the previous year

Booking Value Milestone

Despite the decline in booking value, Godrej Properties achieved its eighth consecutive quarter exceeding ₹5,000.00 crore in booking value, demonstrating consistent performance in this metric.

Project Additions and Guidance

The Mumbai-based real estate developer added five new projects with 9.24 million sq ft of saleable area and an expected booking value of ₹11,400.00 crore. This achievement represents 57% of the company's annual guidance. Management stated that the company is on track to meet or exceed its FY26 guidance.

Market Performance

Godrej Properties' shares traded 0.59% lower at ₹2,090.40 and are down 25% year-to-date, reflecting investor sentiment in light of the mixed financial results.

Segment Performance

Financial Ratios and Indicators

The company's financial health remains strong, as evidenced by key ratios:

Outlook

Despite the mixed Q1 results, with net profit growth but lower revenue and bookings, Godrej Properties continues to focus on strategic market expansion and maintaining strong financial fundamentals. As the company navigates the current market conditions, it remains dedicated to innovation, sustainability, and excellence in the real estate industry.

Godrej Properties Ltd (GPL), a leading Indian real estate developer, has issued a correction to their press release regarding a significant land acquisition in Vadodara, Gujarat. The company has clarified that the estimated saleable area for the project is approximately 9 lakh square feet, not 0.9 lakh square feet as previously stated due to a typographical error.

Land Acquisition Details

Godrej Properties has acquired approximately 34 acres of land on Ajwa Road, Vadodara, for a plotted development project. This acquisition marks the company's entry into the Vadodara real estate market and represents their second land acquisition in Gujarat within the last year. In October, GPL had acquired a 3-acre parcel in Vastrapur, Ahmedabad.

Project Highlights

Strategic Importance

The development is situated in a rapidly growing real estate corridor known for its multiple villas and plotted developments. The location offers excellent connectivity to key city landmarks, commercial hubs, and educational institutions. Its proximity to Vadodara Airport further enhances its appeal as a residential destination.

Management Commentary

Gaurav Pandey, MD & CEO of Godrej Properties, commented on the acquisition: "We are happy to announce our entry into the vibrant city of Vadodara. Reinforcing our commitment to the state and confidence in the market potential, this acquisition aligns strategically with our focus on entering high-growth cities through plotted developments. With residential plotted developments gaining significant traction, Ajwa Road offers an excellent opportunity for expansion. Our goal is to create a sustainable and thriving community that delivers long-term value to residents while leveraging Vadodara's immense growth potential."

Company Performance and Recognition

Godrej Properties has maintained its position as India's largest developer by the value of residential sales achieved in the previous fiscal year, repeating its performance from the year before. The company is known for its commitment to sustainability, with all its developments being third-party certified green buildings since 2010. GPL has been ranked #1 globally amongst listed residential developers for its sustainability and governance practices by the Global Real Estate Sustainability Benchmark in 2020, 2021, and 2022.

The company has received numerous accolades, including Developer of the Year at the GRI India Awards and The Most Trusted Real Estate Brand in the 2019 Brand Trust Report.

This latest land acquisition in Vadodara underscores Godrej Properties' expansion strategy and its focus on entering high-growth markets through premium residential developments.