Godrej Properties Limited, a leading national real estate developer, has reported strong financial results for the first quarter, along with several key corporate developments approved at its recent Annual General Meeting (AGM).

Record-Breaking Q1 Performance

The company announced its highest ever quarterly net profit of INR 600.00 crores, marking a 15% year-on-year growth. This impressive performance was achieved despite a slight 3% decline in total income to INR 1,593.00 crore compared to the same quarter last year.

Godrej Properties continued its streak of robust bookings, recording INR 7,082.00 crores in booking value for the quarter. This marks the 8th consecutive quarter where the company has exceeded INR 5,000.00 crore in booking value. The sales were driven by strong demand in new project launches, particularly in Bengaluru, which contributed over INR 3,000.00 crores to the total booking value.

Key Financial Highlights

• EBITDA grew by 18% to INR 915.00 crore
• EPS (not annualized) amounted to INR 19.92
• Collections stood at INR 3,670.00 Crore, showing a 22% year-on-year growth

Business Development and Project Additions

The company has made significant strides in its business development efforts, adding 5 new projects in Q1. These new additions have a total estimated saleable area of approximately 9.24 million sq. ft. and a booking value potential of about INR 11,400.00 crore. Notably, Godrej Properties has already achieved 57% of its annual guidance for business development in the first quarter alone.

AGM Approvals and Corporate Developments

At the 40th Annual General Meeting held on August 1, shareholders approved several important resolutions:

1. Re-appointment of Gaurav Pandey: Shareholders approved the re-appointment of Gaurav Pandey as Managing Director and Chief Executive Officer for a three-year term from January 1, 2026 to December 31, 2028. Pandey, an Economics Honours graduate from the University of Delhi with a post-graduate degree from IIM Kozhikode, brings over 20 years of experience in the real estate sector.

2. Appointment of Secretarial Auditors: The appointment of M/s BNP and Associates, Company Secretaries, as the Secretarial Auditors of the Company for a period of five consecutive years was approved.

3. Re-appointment of Pirojsha Godrej: Shareholders approved the re-appointment of Pirojsha Godrej, who was retiring by rotation, as a director of the company.

Management Commentary

Pirojsha Godrej, Executive Chairperson of Godrej Properties Limited, commented on the Q1 performance: "Godrej Properties delivered another solid quarter for bookings, cashflows, and earnings. The residential real estate sector in India has been strong over the past four years and we believe the sector will continue to provide opportunity over the next few years. Our business development additions since FY23 with a future booking value of over Rs 90,000.00 crore, provide us significant opportunity to scale our bookings and in turn our earnings."

Future Outlook

With a robust launch pipeline, strong balance sheet, and resilient demand in the real estate sector, Godrej Properties appears well-positioned to capitalize on market opportunities. The company's focus on sustainable development, evidenced by its recent approval from the Science Based Targets initiative (SBTi) for both near-term and long-term Net Zero goals, further strengthens its market position.

As the real estate market in India continues to show strength, Godrej Properties' strategic project additions and strong financial performance indicate a positive trajectory for the company in the coming quarters.

Godrej Properties Limited, a leading real estate developer in India, has submitted its monitoring agency report for the quarter ended June 30, 2025, detailing the utilization of proceeds from its qualified institutional placement (QIP). The report, prepared by ICRA Limited, the appointed monitoring agency, highlights the company's adherence to its stated objectives and efficient use of funds.

QIP Details and Proceeds

Godrej Properties conducted the QIP from November 27 to December 2, 2024, raising a total of Rs 6,000.00 crore. After accounting for issue-related expenses, the actual net proceeds amounted to Rs 5,921.00 crore, slightly higher than the initially estimated Rs 5,915.00 crore due to lower-than-anticipated offer-related expenditures.

Utilization of Funds

According to the monitoring agency report, Godrej Properties has utilized the QIP proceeds as follows:

The report confirms that there has been no deviation from the stated objects of the issue, demonstrating the company's commitment to its outlined plans.

Unutilized Funds and Returns

The remaining Rs 2,119.00 crore of unutilized funds have been strategically deployed in various financial instruments:

• Multiple mutual funds
• Fixed deposits

These investments are generating returns ranging from 7.18% to 8.65%, showcasing the company's prudent financial management of idle funds.

Project Timelines

Both project objectives related to the QIP proceeds remain on schedule, with completion targeted for March 31, 2028. This indicates that Godrej Properties is progressing as planned with its development initiatives.

Monitoring Agency's Statement

ICRA Limited, in its role as the monitoring agency, has declared that the utilization of the issuance proceeds is in line with the objects of the issue. The agency has not observed any deviations from the stated objectives.

Conclusion

Godrej Properties' efficient utilization of QIP proceeds, coupled with strategic deployment of unutilized funds, demonstrates the company's commitment to maximizing shareholder value while adhering to its growth plans. As the real estate sector continues to evolve, investors and stakeholders can take confidence in the company's transparent reporting and adherence to its stated objectives.

The monitoring agency report serves as a testament to Godrej Properties' financial discipline and strategic approach to fund utilization, positioning the company well for its ongoing and future real estate development projects.