Godrej Properties registers sales bookings of Rs 4,051 crore in Q4 FY23

Real estate developer Godrej Properties Limited (GPL) announced key financial updates for Q4 and FY23 on April 10, 2023. The company recorded sales bookings of Rs 4,051 crore in Q3 FY23 and its booking value for the full financial year grew by 56% to Rs 12,232 crore.

GPL sales volumes for the quarter grew by 19% QoQ from 4.42 msf in Q3 FY23 to 5.25 msf in Q4 FY23. The sales volume for the full financial year increased by 40% from 10.84 msf in FY22 to 15.21 msf in FY23. The company’s cash collection for FY23 grew by 41% to Rs 8,991 crore. Cash collections for Q4 FY23 were at Rs 3,822 crore, marking a QoQ growth of 127% and YoY growth of 52%.

Godrej Properties witnessed its highest ever quarterly and annual project deliveries, delivering projects worth over 10 MSF across five cities in FY23, including 7.6 MSF in Q4. The company added 18 new projects in FY23 with a total estimated salable area of ​​about 29 msf and a total estimated booking value of Rs 32,000 crore. This includes 5 new projects with an expected booking value of Rs 5,750 crore in Q4.

Gaurav Pandey, MD & CEO, Godrej Properties said, “Our sales bookings growth of 56% allowed us to register total FY23 bookings of Rs 12,232 crore, which was 22% ahead of our full-year guidance. This sales growth for the year was on the back of both an improved project mix as well as strong volume growth of 40%. Importantly, our strong sales performance translated into record collection growth of 41% to Rs 8,991 crore, supported by strong project completions of over 10 MSFs.

“With the addition of our business growth nearly doubling our initial guidance and growing more than 200% YoY, we will have a stronger launch pipeline than ever in the current year. Our teams have developed a deep understanding of all the key real estate markets in India and are very excited about the potential over the next several years to deliver consistent high quality performance across all key operating metrics.