New Delhi: Godrej Properties Limited (GPL), a leading national real estate developer, announced its financial results for the third quarter ended December 31, 2020.

CORPORATE HIGHLIGHTS:

Sales Highlights

• Q3 FY21 witnessed total booking value growth of 25% to INR 1,488 crore and total booking volume growth of 51% to 2.40 million sq. ft. 
• 9M FY21 witnessed a total booking value of INR 4,093 crore and total booking volume of 6.64 million sq. ft. representing a growth of 16% in booking value and 28% in booking volume.

Business Development

Added 2 new projects with saleable area of ~4.1 million sq. ft. in Q3 FY21

Sarjapur, Bangalore

• The project is an outright purchase of land in Sarjapur, Bangalore which has established itself as one of the most preferred residential locations with good connectivity to the Outer Ring Road and several other key hubs of Bangalore 
• Spread across 15 acres, this project will offer approximately 1.6 million sq. ft. of saleable area comprising of residential apartments of various configurations 
• It is a 100% owned project

Whitefield, Bangalore

• The project is an outright purchase of land in Whitefield, Bangalore which is the largest commercial and residential real estate micro market in Bangalore and the land is situated near the proposed metro line connecting Whitefield to Hopefarm Junction
• Spread across approximately 18 acres, this project will offer approximately 2.5 million sq. ft. of saleable area comprising of residential apartments of various configurations
• It is a 100% owned project and 5.4% area share to landlord

Other Highlights

• Delivered ~1.3 million sq. ft. across 2 cities in Q3 FY21
• Ranked #1 amongst listed global residential developers by the Global Real Estate Sustainability Benchmark (GRESB) in the 2020 GRESB Real Estate Assessment report
• 19 awards received in Q3 FY21

Commenting on the performance of Q3 FY2021, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said:

“The real estate sector has recovered from the initial impact of the pandemic. Government action to reduce stamp duties and premiums in Maharashtra combined with a higher intent towards home ownership as a result of the pandemic have helped drive a turnaround in sentiment towards residential real estate. We are pleased to see construction levels and cash flows at GPL normalize in the third quarter. With a large number of new project launches planned for the fourth quarter, we expect to end the year on a strong note and enter the new financial year with strong momentum.”

Financial Overview (Consolidated)

Q3 FY21 performance overview compared with Q3 FY20

·         Total Income stood at INR 306 crore as compared to INR 491 crore

·         EBITDA stood at INR 81 crore as compared to INR 151 crore

·         Net profit stood at INR 14 crore as compared to INR 47 crore

·         EPS^# amounted to INR 0.57 as compared to INR 1.85