Mumbai-based Godrej properties and Macrotech Developers, two of the country’s largest property developers on Friday said they have achieved record quarterly bookings in Q2FY25.
Macrotech, which develops property under the brand ‘Lodha’ posted its best quarterly bookings of Rs 4,290 crore in Q2, posting a yearly growth of 21%. Macrotech said it achieved record bookings despite the inauspicious ‘Shradhh’ period falling in September this financial year against October last year.
In total, Lodha’s bookings stood at Rs 8,300 crore in first half of FY25. “Having achieved a 21% y-o-y pre-sales growth in H1 and with the festive season commencing, the company is on target to meet its full-year guidance of 20% growth,” it said.
The company said it made collections of Rs 3,070 crore for Q2, a growth of 11% y-o-y. It added four projects in Pune and Bengaluru, having Rs 5,500 crore of GDV. Business development for H1 stood at Rs 16,600 crore, which is over 75% of the full-year guidance of Rs 21,000 crore, Lodha said, adding that it sees a strong pipeline of development opportunities in the residential business.
“Additionally, we acquired ~45 acres for our digital infrastructure (warehousing and industrial) business in Chennai, as well as entered into agreement to increase our stake in the rental income from our digital infrastructure platform to 66.7% from earlier ~33%. We continue to see further opportunities to scale our digital infrastructure portfolio,” the company said.
Lodha said it has a net debt of Rs 4,920 crore, with net debt to equity of 0.5 times.
On the other hand, Godrej Properties (GPL) announced it has achieved its highest-ever Q2 and H1 performance on operational parameters, including bookings, collections, operating cash flow and new business development.
It said its Q2 booking value grew 3% y-o-y to nearly Rs 5,200 crore from sale of over 5.1 million sq ft. This is the highest Q2 booking value achieved by the company. Its H1 booking value grew over 89% y-o-y to over Rs 13,800 crore. This was achieved through the sale of over 8,600 homes with a total area of over 14 million sq. ft. This is the highest ever H1 booking value achieved by the company.
GPL has achieved 51% of its annual guidance for booking value for FY25. In the past 5 financial years, GPL has averaged 37% of its full-year sales in the first half of the financial year.
“Sales in Q2 were driven by a strong demand in some key new project launches, including Godrej Vrikshya in NCR, which delivered a booking value of nearly Rs 1,500 crore and Godrej Woodside Estate in MMR, a plotted development project, which delivered a booking value of more than Rs 600 crore,” it said.
GPL’s bookings in NCR, Bengaluru and MMR in H1 grew 69% to over Rs 5,400 crore, more than 200% to over Rs 3,800 crore and more than 100% to over Rs 3,100 crore, respectively.
Its Q2 collections stood at over Rs 4,000 crore, a y-o-y growth of 68%, and H1 collections stood at over Rs 7,000 crore, a y-o-y growth of 62%. This is the highest Q2 and H1 collections achieved by Godrej properties. GPL has achieved 47% of its annual guidance for collections for FY25.
From: financialexpress
Financial News
