Godrej Properties Limited (GPL), a leading national real estate developer, today announced its financial results for the quarter ended June 30, 2012.

Financial Overview (Consolidated)

Q1 FY2013 performance overview (Compared with Q1 FY2012)

Total income increased to Rs. 232.8 crore as compared to Rs. 134.7 crore

EBITDA was Rs. 47.0 crore as compared to Rs. 24.3 crore

Net profit stood at Rs. 17.2 crore as compared to Rs. 10.1 crore

EPS amounted to Rs. 2.2 as compared to Rs. 1.4

Commenting on the financial performance of Q1 FY2013, Mr. Adi Godrej, Chairman of Godrej Properties Limited, said“This has been a good quarter for the Company where we have made significant operating progress by concluding value accretive deals and successfully launching residential projects in Mumbai and Pune. We recently added 3 new residential projects, adding approximately four million sqft of saleable area to our development portfolio in high growth cities of Mumbai and Kolkata. Our financial growth has been strong with a 73% growth in total income and a 71% growth in Net Profit compared to Q1 FY2012”

CORPORATE HIGHLIGHTS:

Residential Co-Investment Platform

GPL created Rs. 770 crore residential development platform with APG led global investor consortium; GPL continues to demonstrate its ability to raise high quality capital in tough market conditions

Structure and Strategy

Initial commitments will be in the ratio of 29:71 by GPL and the investor group respectively

The Platform investment period is two years and life is seven years

Primary focus is on residential projects in Mumbai, NCR and Bengaluru. It will also pursue opportunistic investments in Pune and Chennai

GPL will be the exclusive development manager for all investments

Benefits to GPL

It is a scalable partnership with high quality institutional investors

GPL will receive substantial development management fees and brand fees in addition to its share of profits

It is in line with GPL strategy to remain capital efficient and to focus on residential development in leading markets

The platform will target land acquisition deals and capture opportunities at attractive market valuations

New deal flow momentum remains strong

Strong deal traction continued with three deals of ~4.0 million sq. ft. till date in FY2013

We entered into a joint development agreement to develop luxury housing at Alipore, Kolkata in April, 2012

GPL expanded its portfolio in Kolkata by executing a JDA at Alipore

GPL will receive 45% of the revenues

Saleable area is 0.17 million sq. ft. on a land parcel of 1.36 acres

It is an outstanding location and is expected to lead to a high-margin project

Executed development management agreement for a redevelopment project at Byculla in April, 2012

GPL will receive Rs 50 crore as fixed DM fees including an upside promote above certain selling price thresholds

A luxury residential project with a saleable area of 0.3 million sq. ft. is envisaged

It is an excellent location with a risk-free high-margin deal structure

Finalized a joint venture agreement for a residential township at Panvel, Mumbai in July, 2012

Premium residential township development of 3.5 million sq. ft.

GPL will receive 35% of profits

Low upfront advance and profit sharing structure ensures capital efficiency, high velocity and high-margin realization

Sales Highlights

Strong sales momentum despite tough macro-economic environment*

Total booking area is 0.83 million sq. ft. in Q1 FY2013, compared to 0.59 million sq. ft. in Q1 FY2012

Total booking value of Rs. 525.2 crore in Q1 FY2013, compared to Rs. 240.8 crore in Q1 FY2012

 Positive response for launches in Q1 FY2013

In June 2012, GPL launched Godrej Serenity, a premium residential project at Chembur, Mumbai

In June 2012, GPL launched its launch Phase I of its premium residential project, Godrej Horizon, in Undri, Pune

Other Highlights

Continued progress on sustainable development

Godrej Serenity, recently awarded IGBC Gold pre-cerfication

Four commercial projects and six residential projects are LEED or IGBC certified till Q1 FY 2013

Infrastructure improvement near Godrej Garden City, Ahmedabad

Commenced widening of the DP Road from SG Highway till Chenpur Railway Crossing

This road will be named Godrej Garden City Avenue (GGC Avenue) and will provide enhanced access to Godrej Garden City (GGC) township