Godrej Properties records best-ever quarter for sales bookings; stock jumps 6%

Godrej Properties’ sales volumes for the full financial year grew by 40 percent in area terms from 10.84 million sq. ft. to 15.21 million sq. ft.

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Real estate developer Godrej Properties has reported a 19 percent jump in sales volumes for the fourth quarter in terms of area from 4.42 million square feet (sq ft) to 5.25 million sq ft, while the same for the full financial year surged 40 percent from 10.84 million sq ft to 15.21 million sq ft.

Its Q4 FY23, collections stood at Rs 3,822 crore, a sequential growth of 127 percent and an annual growth of 52 percent.

Also Read: Trade Spotlight | How to trade in M&M Fin Services, Godrej Properties & Astral today?

The stock of the real estate firm surged following this update. As of 10.20 am, the counter was up 5.57 percent to Rs 1187.95 on BSE.

The company also recorded its highest-ever quarterly and annual project deliveries in Q4, where it delivered projects aggregating over 10 million sq ft across five cities in FY23, including 7.6 million sq ft in Q4.

“Our sales bookings growth of 56 per cent allowed us to register total FY 23 bookings of 12,232 crore, which was 22 per cent ahead of our full year guidance. We are pleased this sales growth for the year was on the back of both an improving project mix as well as strong volume growth of 40 per cent. Importantly, our robust sales performance, has translated into record collections growth of 41 per cent to Rs 8,991 crore backed by strong project completions of over 10 million sq ft,” Gaurav Pandey, MD & CEO, Godrej Properties, said in a statement.

Godrej Properties added 18 projects in FY23 with an estimated saleable area of nearly 29 million sq ft and an estimated booking value of Rs 32,000 crore – more than double the BD guidance of RS 15,000 crore of estimated booking value for FY23. This included five new projects with an expected booking value of 5,750 crore in Q4.

Buoyed by its performance, Motilal Oswal also upgraded the stock to BUY. The broker raised its FY24E and FY25 pre-sales estimates by 23 and 44 percent respectively as it incorporated recent project additions.

“With another expected strong year of project additions in FY24, we believe the company is on track to achieve its pre-sales target of Rs 20,000 crore by FY26,” it said.

Motilal Sees 40 percent upside from the last close with 12-month target price at Rs 1,575.