Godrej Properties Limited released its consolidated financials for Q1 FY21 results. It says total booking value for Q1 FY21 increased by 71% to Rs 1,531 crore. The company gave credit to digital sales tool
By Varun Singh
Godrej Properties Ltd. released its consolidated financials for Q1 FY21 Results. The company says that its total booking value for Q1 FY21 increased by 71% to Rs 1.531 crore.
The company says that by using digital sales tools they achieved strong sales thereby delivering highest ever market share in a quarter.
In Q1 FY20 the total booking value stood at Rs 897 crore. The booking volume for Q1 FY21 is 2.51 million sq. ft. It was 1.35 million sq. ft. in Q1 FY20.
Godrej even raised Rs 1,000 crore in July through the allotment of unsecured, redeemable, non-convertible debentures on a private placement basis for a term of 3 years at 7.5%, the lowest NCD rate achieved in the real estate industry.
The company even leased ~ 2 lakh sq. ft. of office space to A.P. Moller – Maersk’s business units at Godrej Two.
Construction activity has resumed on almost all the sites post the lockdown and the labor strength at the end of July was at approximately 60% of pre-COVID levels.
Commenting on the performance of Q1 FY2021, Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said, “With the lockdown in place for most of the quarter, construction activities during the period were extremely limited leading to almost no revenue recognition and to poor operating cash flows. At the same time, our teams demonstrated agility by relying on digital sales tools to achieve strong sales thereby delivering our highest ever market share in a quarter.”
He further said, “While we expect poor reported earnings and cash flows this financial year due to the lockdown and the major impact this has had on our annual construction plan, we expect strong momentum in both portfolio project additions and new project launches during the rest of the financial year. The current crisis will add further momentum to the process of consolidation that is underway in the sector and we will continue to focus on rapidly growing our market share.”
Financial Overview (Consolidated)
Q1 FY2021 performance overview compared with Q1 FY2020
· Total Income stood at INR 165 crore as compared to INR 708 crore
· EBITDA stood at INR 40 crore as compared to INR 195 crore
· Net Profit stood at INR (20) crore as compared to INR 90 crore
· EPS# amounted to INR (0.80) as compared to INR 3.91