Please find attached Earnings Call Transcript for Analyst meet held on May 02, 2025.
Awaiting price reaction for this filing.
Godrej Properties reported a record FY25 with booking value of Rs. 29,444 crores (31% YoY growth, 109% of guidance), collections of Rs. 17,047 crores (49% YoY), and operating cash flow of Rs. 7,484 crores (73% YoY), the highest ever by any listed Indian real estate developer. Q4 standalone booking value crossed Rs. 10,000 crores for the first time at Rs. 10,163 crores. Full-year net profit jumped 93% to Rs. 1,400 crores on revenue of Rs. 6,848 crores, though Q4 net profit dipped 19% YoY due to project mix. For FY26, management guided for Rs. 32,500 crores in bookings (10% growth on actuals, 20% on prior guidance), Rs. 40,000 crores of launches, and Rs. 21,000 crores of collections. The company raised Rs. 6,000 crores via QIP in December 2024 and will cap net debt at Rs. 10,000 crores. Imputed EBIT margins held steady at around 26%, and management flagged a major step-up in reported earnings around FY28.
Strong operational momentum with all-time-high bookings, collections and cash flows should support the stock, while conservative FY26 guidance leaves room for upside surprises given the company's track record of beating guidance. The Rs. 6,000 crore QIP and disciplined net debt cap of Rs. 10,000 crores provide a solid runway for continued business development and growth.