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### Godrej Properties Q4 FY24 Highlights and Analysis
Godrej Properties: CMP: 2447 Long Term Gr: 12% | Cyear gr: 166% 9M_fy24 Result Update
(Strong Booking Value seen across the country)
**Company Overview:**
- **Established:** 1990
- **Headquarters:** Mumbai, India
- **Business:** Real estate development
- **Total Developable Area:** ~223 million sq. ft. across India
- **Projects:** 102 projects
Godrej Properties Limited is a real estate company with its head office in Mumbai, India and is one of the top three developers in Delhi-NCR, Bangalore, Mumbai & Pune. It operates in Chandigarh, Gurgaon, Ahmedabad, Kolkata, Nagpur, Mumbai, Pune, Hyderabad, Mangalore, Noida, Bengaluru, Chennai and Kochi.
**Key Financial Highlights:**
- **Total Income (Q4 FY24):** INR 1,952 crore (1% YoY growth)
- **EBITDA (Q4 FY24):** INR 649 crore (3% YoY growth)
- **Net Profit (Q4 FY24):** INR 471 crore (14% YoY growth)
- **Total Income (FY24):** INR 4,362 crore (45% YoY growth)
- **EBITDA (FY24):** INR 1,197 crore (20% YoY growth)
- **Net Profit (FY24):** INR 725 crore (27% YoY growth)
**Operational Highlights:**
- **Highest Annual Sales:** Booking value of INR 22,527 crore (84% YoY growth)
- **Total Area Sold in FY24:** 20 million sq. ft.
- **Major Markets:** NCR (INR 10,016 crore), MMR (INR 6,545 crore)
- **New Projects/Phases Launched in FY24:** 26 across 7 cities
- **Total Area Delivered in FY24:** 12.5 million sq. ft.
- **Highest Annual Cash Collections:** INR 11,436 crore (27% YoY growth)
- **Highest Net Operating Cashflow:** INR 4,334 crore (23% YoY growth)
**Business Development:**
- **New Projects Added in FY24:** 10 projects with a saleable area of 18.93 million sq. ft. and an estimated booking value of INR 21,225 crore
- **Significant Project Launches:**
- **Godrej Zenith, NCR:** Booking value of INR 3,008 crore
- **Godrej Reserve, MMR:** Booking value of INR 2,693 crore
- **Devanhalli, Bengaluru:** 5.6 million sq. ft. project with a potential revenue of INR 5,000 crore
**Peer Comparison:**
- **Market Position:** India's largest listed developer by booking value in FY24.
- **Competitors:** DLF Limited, Oberoi Realty, Prestige Estates Projects Limited, Sobha Limited, and Brigade Enterprises Limited.
**Future Outlook:**
- **Booking Value Guidance for FY25:** INR 27,000 crore
- **Cash Collection Guidance for FY25:** INR 15,000 crore
- **Deliveries Guidance for FY25:** 15 million sq. ft.
- **Focus Areas:** Launch of new projects, strong sustenance sales, and maintaining rapid growth in operating cash flows.
- **Sustainability Initiatives:** Continued commitment to green building certifications and maintaining leadership in the Dow Jones Sustainability Index and GRESB.
**Key Performance Indicators (KPIs):**
- **Booking Value Growth:** 84% YoY
- **Sales Volume Growth:** 31% YoY
- **EBITDA Margin:** 27.4%
- **Net Profit Margin:** 16.6%
- **Net Debt/Equity Ratio:** 0.62
**ESG and CSR Initiatives:**
- **GRESB Rating:** 98/100, ranked #1 globally for three consecutive years (2020, 2021, 2022)
Godrej Properties has demonstrated robust growth in FY24 with record-breaking sales, significant new project additions, and strong financial performance. The company's focus on sustainability and ESG practices further enhances its market reputation and investor confidence. The outlook for FY25 remains positive, with ambitious targets set for bookings, cash collections, and project deliveries.
All those holding since long time and have added recently near 1200 can book some 5% Profits at our estimated target of 3462 while new buying again can be done during any fall near 2067. Can expect a multiyear rally in this company with national presence.
Disclosure: This document is not prepared for any recommendation; this is prepared for educational purposes.
