Full transcript of the earnings call/conference call with the Investors/ Analysts held on Tuesday, February 04, 2020.
Opening Remarks by Management
In the third quarter, our total revenue increased by4% to Rs. 491 crore. Our adjusted EBITDA increased by 22% to Rs. 177 crore, and net profit increased by 9% to Rs. 45 crore. For the 9 months of the financial year, our total revenue decreased by 21% to Rs. 1,569 crore. Our adjusted EBITDA increased by 11 % to Rs. 582 crore and our net profit increased by 72% to Rs. 166 crore. In terms of access to capital, while leading developers are in a relatively comfortable position, liquidity continues to remain severely constrained for the rest of the industry.
We believe this is an opportune time for developers like us to maximize the opportunity to gain market share. With this in mind, we saw goad progress during the quarter on the business development front. We added 4 new residentid projects with a salable area of approximately 13 million square feet. This included 3 projects in the Mumbai metropolitan region micro market of Navi Mumbai, Arnbemath and Thane, and 1 new project in north Bangalore.
Given the current business devetopment pipeline with a large number of deals at an advanced stage of discussion, we expect to have several additional positive new project announcements in the coming weeks. It has been a reasonably good quarter operationally with collections of Rs. 1,131 crore and net operating cash flow of Rs. 244 crore for the quarter. We expect this trend to continue going ahead as many of our newly launched projects start generating collection.
The total value of bookings in the third quarter stood at Rs. 1,189 crore. During the quarter, we launched Godrej Nest in Mumbai and sold approximately 170,000 square feet with a booking value of Rs. 221 crore. While our overall sales number was moderate due to several launches getting delayed due to regulatory approval, we saw a strong uptick in sustenance sales during the quarter. For the 9 months of financial year '20, despite challenging market conditions, we've managed to sell about 5.2 million square feet, worth about Rs. 3,500 crore, which represents a year-on-year growth in booking value of 12%. With a strong launch pipeline for the current quarter, we hope to close the financial year on a very strong note.
We also successfully delivered approximately 1.7 million square feet across all projects in 3 cities during the third quarter. In the second half of 2019, the Indian economy saw a sharp slowdown with nominal GDP sllpping to its lowest levels in nearly 2 decades, resulting in extremely weak consumer sentiment. While we believe the current weakness in the sector will persist for a few quarters, we remain extremely optimistic about the medium-term prospect of the sector, especially considering the residential real estate affordability is now the best it has been in almost 2 decades.
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