Godrej Properties Limited (GPL), a leading national real estate developer, today announced its financial results for the quarter and full year ended March 31, 2013.
Q4 FY2013 performance overview (Compared with Q4 FY2012)
Total income was Rs 313.9 crore as compared to Rs 373.2 crore
EBITDA was INR 100.4 crore as compared to Rs 102.0 crore
Net profit stood at Rs53.2 crore as compared to Rs 39.8 crore
Business Development Highlights
Sustained new deal momentum with addition of three new projects with 2.3 million sq.ft. of saleable area in Q4 FY2013
Sahakar Nagar 2, Mumbai
Added a second redevelopment project at Sahakar Nagar, Chembur with 0.75 million sq.ft. saleable area
GPL economic interest is 91% of revenues
Entered a joint venture agreement for 1.5 million sq.ft. saleable area at Undri, Pune
GPL economic interest is 40% of profits
Sundar Sangam, Mumbai
Added a redevelopment project with approximately 95,000 sq.ft. saleable area in Malad
Q4 FY2013 is the 5th consecutive quarter in which GPL has added new redevelopment projects
Business Development Highlights
Godrej Residential Platform size increased by INR 303 crore to INR 1,073 crore
The stake of Godrej Properties in the GRP is now 25.1%
GPL continues to raise high quality capital from International Limited Partners despite macro headwinds
Strong response to new project/phase launches across three cities
Godrej BKC, Bandra-Kurla Complex, Mumbai
Launched flagship commercial project at BKC, Mumbai in March 2013
51,000 sq.ft sales. at a price of ~ INR 26,000/sq. ft.
Godrej Garden City, Ahmedabad
Launched ~90,000 sq.ft. with 150 units in March, 2013
100 % inventory sold within two days
Phase 5 launch happened on the last day of the quarter with sales commencing in Q1 FY14
Godrej Platinum, Alipore, Kolkata
Received final approval and commenced pre-sales in March, 2013. Official project launch happened in April 2014
Total sales of ~46,000 sq.ft. achieved within a few days at a price of ~INR 21,000/sq.ft.
Godrej Palms, Chembur, Mumbai
o Launched ~61,000 sq.ft. in March, 2013
o 40% sales achieved within one month
Registered significant sales growth in a challenging real estate environment
Q4 FY2013 witnessed total booking value of INR 602 crore and total booking volume of 0.64 million sq. ft. as compared to total booking value of INR 781 crore and total booking volume of 0.81 million sq. ft. Q4 FY2012
Excluding Godrej One: Area sold in Q4 FY13 is 0.58 million sq.ft. and 0.46 million sqft in Q4 FY12, recording a growth of 27%. Booking Value in Q4 FY13 is INR 512 Cr and INR 269 Cr in Q4 FY12, recording a growth of 90%
orea reported is total area sold and total booking value inclusive of joint venture partner area. In Q4 FY2013 JV partner area sold was 0.04 million sq. ft. and in Q4 FY2012 JV partner area sold was 0.05 million sq. ft. JV partner booking value was INR 13 crore in Q4 FY2013 and INR 14 crore in Q4 FY2012
The Board has recommended INR 4.00 per equity share of INR 10 each to be paid as final dividend
Godrej Prakriti Handover
Delivered 537 homes in Phase 1 of Godrej Prakriti in Q4 FY2013
Commenting on the financial performance of Q4 & FY2013, Pirojsha Godrej, Managing Director & CEO Godrej Properties Limited, said:“I am pleased to share that FY2013 was a year of strong growth and continued momentum in our business with revenues, bookings and net profit growing significantly by 28%, 71% and 41% respectively.We continued our new business momentum from last year by adding 8 new projects in FY2013. These include 5 redevelopment projects in Mumbai, meaningfully expanding our presence in this important market. Further, we have built considerable launch momentum this year with thirteen successful launches across the country including Mumbai, NCR, Bangalore, Pune, Ahmedabad and Kolkata.We have ended fiscal year 2013 with a stronger financial and operational foundation and look forward to striving towards improved performance in the years ahead.”
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