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Godrej Properties Back
(19:10, 09 Nov 2018)
Godrej Properties has registered 26% growth in consolidated revenue for the quarter ended September 2018 to Rs 393.25 crore. But with operating profit margin turn negative to 3% compared to 4.3% in the corresponding previous period. However spurred by 161% jump in other income to Rs 93.82 crore the PBIDT was up by 67% to Rs 82.18 crore. After accounting for higher interest cost and lower depreciation, the PBT more than doubled (up 229%) to Rs 17.18 crore. With share of loss from associates was up by 852% to Rs 13.62 crore the PBT after profit from Associates was down by 6% to Rs 3.56 crore. With Rs 20.59 swing in taxation to a write back of Rs 17.01 crore, the PAT was up at Rs 20.57 crore compared to mere Rs 0.21 crore in the corresponding previous period. Other comprehensive expense doubled to Rs 0.14 crore and thus the net profit was Rs 20.43 crore compared to mere Rs 0.14 crore of profit in the corresponding previous period.

Negative operating margin for the quarter was largely due to change in accounting to project completion method under new IND AS 115. Cost of revenue as a proportion to sales stood higher at 83.3% compared to 71% in the corresponding previous period. Thought the staff and other expenditure stood lower by 260 bps and 250 bps respectively to 7.5% and 12.2% that could not fully offset the rise in cost of revenue thus turning the operating profit negative.

Half yearly performance

Sales was higher by 25% to Rs 1389.98 crore and with 640 bps contraction in OPM to 4%, the operating profit was down by 52% to Rs 55.29 crore. The PBT was down by 46% to Rs 91.77 crore. With loss on profit from associate was up by 147% to Rs 25.12 crore the PBT after profit/loss from associate was down by 58% to Rs 66.65 crore. With taxation down by 80% to Rs 11.78 crore and other comprehensive expense up by 27% to Rs 0.19 crore, the net profit was down by 45% to Rs 54.68 crore.

Other developments

In Q2FY19 added 2 new projects with 2.9 million sq. ft. of saleable area. The first new project was at Sector 43, Noida and it has entered into a partnership to develop a luxury residential project with saleable area of 2.2 million sq. ft. Located within the city-center and in close proximity to the Noida Golf Course with excellent connectivity to Delhi and other landmark destinations within Noida. This will be GPL's 4th project in Noida and 13th project within the National Capital Region (NCR). The second new project added during the quarter was Ghodbunder Road, Thane. Acquired a land parcel measuring about4 acres in Thane to develop a residential project measuring 0.7 million sq. ft. Project will be developed in partnership with Godrej Fund Management. This is the fifth project under GRIP II, the ~US$ 275 million fund which was announced in March 2016

In Q2FY19 the company booked 1.07 msft of sales volume (booking value of Rs 807 crore) as compared to total booking volume of 1.56 msft (total booking value of Rs 1335 crore) in Q2FY18.

Mangement Comment

Pirojsha Godrej, Executive Chairman, Godrej Properties commenting on the performance of Q2FY2019 said, The current environment gives us an outstanding opportunity to disproportionately scale our business development portfolio. We expect the pace of project additions to accelerate in H2FY19. With a number of important launches, we also expect a strong second half of the financial year from a sales growth perspective.

Godrej Properties : Consolidated Financial Results

 
1809 (3)1709 (3)Var. (%)1809 (6)1709 (6)Var. (%)1803 (12)
Sales393.25313.07261389.981113.61251588.28
OPM (%) -3.04.34.010.4-11.3
OP-11.6413.31-18755.29116.19-52-178.95
Other Income93.8235.93161163.82132.1024498.64
PBIDT82.1849.2467219.11248.29-12319.69
Interest61.5239.9854120.5471.7368150.13
PBDT20.669.2612398.57176.56-44169.56
Depreciation3.484.04-146.807.61-1116.13
PBT 17.185.2222991.77168.95-46153.43
Share of profit in Associates-13.62-1.43852-25.12-10.15147-36.55
PBT after Associate share of profit3.563.79-666.65158.80-58116.88
Taxation-17.013.58LP11.7859.42-8029.97
PAT20.570.2199954.8799.38-4586.91
Other Comprehensive Income (Net of tax)-0.14-0.07100-0.19-0.1527-2.81
Net profit before profit attributable to NCI 20.430.1499954.6899.23-4584.10
Profit attributable to Non-controlling Interest (NCI)0.000.000.000.000.00
Net Profit attributable to Owners 20.430.1499954.6899.23-4584.10
EPS (Rs)**####5.0
** Annualised on current equity of Rs 114.68 crore. Face Value: Rs5
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit PL: Profit to Loss
# Industry being seasonal EPS not annualised
Figures in Rs crore
Source: Capitaline Corporate Database

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