Mumbai-based Godrej Properties Ltd. has reported its best-ever quarter and financial year in terms of sales bookings, collections and project deliveries.
Total bookings for the quarter increased by 25 percent year-on-year, as well as sequentially to Rs 4,051 crore. Full-year bookings increased by 56 percent to Rs 12,232 crore. Sales volumes increased by 19 percent to 5.25 million square feet, from 4.42 million square feet from December last year.
For the full year, sales volumes were up 40 percent to 15.21 million square feet from 10.84 million square feet.
Collections for the March quarter more-than-doubled sequentially to Rs 3,822 crore led by healthy bookings and new launches. Year-on-Year, collections increased by 52 percent. 18 new projects were added in financial year 2023, with a total estimated saleable area of nearly 29 million square feet and total estimated booking value of Rs 32,000 crore. The booking value is more than double the company's guidance of Rs 15,000 crore for the full year.
The company has mentioned that it will have a stronger launch pipeline in the current year than ever before.
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On project deliverables, Godrej Properties has made nearly 80 percent of total project delivery of financial year 2023 in the last quarter of the fiscal. It delivered projects aggregating over 10 million square feet across five cities during the year, including 7.6 million square feet in Q4.
Brokerage firm Motilal Oswal has upgraded its rating on the stock to buy from neutral with a price target of Rs 1,575 per share. The price target is a potential upside of 40 percent from current levels.
Motilal Oswal expects the company to deliver 38 million square feet of projects over the next two years. It also expects the annual launch run-rate to double to 20 million square feet over the next two years.
The brokerage further said that the company is on track to achieve its pre-sales target of Rs 20,000 crore by financial year 2026.
Shares of Godrej Properties have opened 5.5 percent higher on Monday. The stock is currently down by 4 percent year-to-date.