Godrej targets ₹10k cr home sales
- While group housing continues to be the main part of our business, we hope to continue plotted sales as they are economically lucrative and have shorter timelines for execution, Godrej said
Godrej Properties Ltd (GPL) on Tuesday reported net profit of ₹259 crore for the quarter ended March, compared to a loss of ₹192 crore in the corresponding year-ago period.
Total income increased to ₹1522.57 crore in March quarter, from ₹576.08 crore in the year-ago quarter, according to a regulatory filing.
The Mumbai-based real estate firm also said on the operational front, its sales bookings rose 17% on a year-on-year basis to ₹7,861 crore in 2021-22, of which ₹7,781 crore came from its residential projects. It sold 9,121 homes with a total area of 10.8 million sq ft last year. The January-March period was its best-ever quarter for sales with ₹3248 crore of booking value.
“We want to sharply grow our topline performance and aim to do about ₹10,000 crore of sales bookings in 2022-23. In terms of business development, we want to scale up the number of projects we acquire in the company this year,” Pirojsha Godrej, executive chairman, Godrej Properties, said in an interview.
The residential market recovery may have aided large developers such as GPL, but a number of mid-sized and smaller developers are still facing liquidity and operational challenges.
Godrej said acquisition opportunities are many in the current market scenario, and the new deal pipeline looks strong.
The developer, which typically focuses on Mumbai Metropolitan Region (MMR), Pune, Bengaluru and Delhi-National Capital Region (NCR) as its core markets, is also exploring plotted projects beyond these regions. It is developing a plotted project in Nagpur and is open to doing more in smaller cities.
“While group housing continues to be the main part of our business, we hope to continue plotted sales as they are economically lucrative and have shorter timelines for execution,” he added.
In 2022-23, GPL aims to launch 11 projects across cities, spanning 10.30 million sq ft.
In FY22, the company added six new residential projects with 9.33 million sq ft of saleable area.
“The real estate sector has strengthened during FY22 and we expect strong growth for the sector over the next few years. We are pleased to close the financial year with our best ever annual sales, cash collections, and earnings. With a robust launch pipeline, strong balance sheet and sectoral tailwinds, we look forward to building on this momentum in FY23,” Godrej said.
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