Godrej added three projects in Q4 FY17

Godrej Properties Ltd (GPL) is currently developing residential, commercial and township projects spread across approximately 13 million sq mtr (133 million sq ft) in 12 cities. The company has recently reported its Q4 FY2017 performance. Commenting on the performance of Q4 FY2017, Pirojsha Godrej, Executive Chairman Godrej Properties Ltd, said:

“FY17 has been a strong year for business development as we added 7 new projects with a saleable area of 18 million sq. ft. We entered the Noida market and sold more than 1 million sq. ft. despite weak market conditions. We have started FY18 well and sold over 1,000 apartments with successful launches across Mumbai, Pune and NCR. We look forward to building on this momentum in the year ahead.”

Q4 FY2017 performance overview compared with Q4 FY2016

• 
  
• Total Income increased by 21% to INR 475 crore from INR 392 crore
• EBITDA* stood at INR 110 crore compared to INR 0 crore
• Net profit stood at INR 63 crore compared to a loss of INR 12 crore
• EPS# amounted to INR 2.90 as compared to INR -0.57

FY2017 performance overview compared with FY2016

• Total income decreased by 24% and stood at INR 1,733 crore
• EBITDA*  increased by 42% to INR 401 crore from INR 282 crore
•  Net profit increased by 30% to INR 207 crore from INR 159 crore
• EPS amounted to INR 9.60 as compared to INR 7.56
• *EBITDA = PBT + Interest + Depreciation + Share of profit in Joint Venture

#not annualised

GPL added 3 new projects with 3.5 million sq. ft. of saleable area in Q4 FY17.  Firstly, the company entered into a partnership to develop a residential group housing project spread over ~7.5 acre at Bellary road (NH-7), North Bengaluru. The project is located in a premium residential area, with close proximity to the commercial and industrial catchment areas of Hebbal, Yeshwantpur, and Devanahalli. Secondly the company entered into a development management agreement, to develop a residential group housing project in Kandivli, Mumbai. The third project launched is Godrej 24, Pune, with 1.7 million sq. ft. of saleable area on ~15 acre of land. The project is located in Hinjawadi IT park, Phase 1 with excellent connectivity to the Mumbai-Pune Expressway. The project will be developed in partnership with Godrej Residential Investment Program II (GRIP II), the US$ 275 million fund which was announced in March 2016