Godrej Properties on Monday announced that it had reported the highest ever quarterly and annual sales with the bookings in the fourth quarter at Rs 4,051 crore, and the booking value for the financial year 2023 up by 56 per cent at 12,232 crore, the company announced through an exchange filing.
Sales volumes for the quarter grew by 19 per cent in comparison to the previous quarter in area terms from 4.42 million sq. ft. to 5.25 million sq. ft. Sales volumes for the full financial year grew by 40 per cent in area terms from 10.84 million sq. ft. to 15.21 million sq. ft.
Godrej Properties Limited's Cash collections for the last financial year grew 41 per cent to Rs 8,991 crore. In the last quarter of the financial year collections stood at Rs 3,822 Crore representing quarter-on-quarter growth of 127 per cent and year-on-year growth of 52 per cent.
GPL delivered projects aggregating over 10 million sq. ft. across 5 cities in FY23 including 7.6 million sq. ft. in Q4. The company has added 18 new projects in FY23 with a total estimated saleable area of nearly 29 million sq. ft. and total estimated booking value of approximately Rs 32,000 Crore (i.e. more than double the BD guidance of Rs 15,000 Crore of estimated booking value for FY23). This included 5 new projects with an expected booking value of 5,750 Crore in Q4.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are delighted that our efforts to take GPL’s operational scale to a new level is meeting success. 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% to 8,991 crore backed by strong project completions of over 10 million sq. ft.
With our business development additions nearly doubling our initial guidance and increasing by over 200 per cent YoY, we will have a stronger launch pipeline in the current year than ever before. Our teams have built a deep understanding across all the key real estate markets in India and are greatly excited by the potential the next several years offer for us to deliver sustained high-quality performance across all key operating metrics.”
