Godrej Properties sales bookings rise 77% YoY to ₹8,181cr in Apr-Dec period
2 min read . Updated: 04 Feb 2023, 06:14 PM IST
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Godrej Properties' sales bookings rose by 77% to Rs. 8,181cr in Apr.-Dec.
Due to robust home demand, Godrej Properties' sales bookings climbed 77% YoY in FY23 to ₹8,181 crore between April and December compared to the sales bookings which stood at ₹4,613 crore in the first nine months of the last financial year. Executive Chairman Pirojsha Godrej said the booking figures would cross the target of ₹10,000 crore for the full fiscal.
Sales booking jumped more than double between October and December, going from ₹1,541 crore to ₹3,252 crore.
In an interview with PTI, Pirojsha Godrej said: "We are very happy with the quarter gone by. Operationally, it has been a very strong quarter".
"We have already done nearly ₹8,200 crore of sales bookings in the first three quarters of this fiscal year and hopefully we will definitely cross ₹10,000 crore annual guidance," Godrej said.
The sales bookings in the third quarter were the highest for the company for any quarter ever, Pirojsha Godrej highlighted by further adding that Godrej Properties will not revise upwards its annual guidance for sales bookings.
The company recorded total bookings worth INR 3,252 crore and total booking volume of 4.42 million sq. ft. in Q3 FY23. According to the firm, it added 9 new projects in the NCR, MMR, and Pune with an anticipated booking value of INR 23,050 crore. For the entire financial year, it added 15 new projects with an estimated revenue potential of INR 27,500 crore, above the INR 15,000 crore target for FY 23.
ICRA and CRISIL raised the Credit Rating for Commercial Paper (CP) limits from INR 1,500 crore to INR 1,750 crore. The ratings have been awarded [ICRA]A1+ and CRISIL A1+, respectively, following reaffirmation.
The company declared a consolidated Net Profit of INR 59 crore in Q3FY23 as compared to INR 39 crore in Q3FY22, representing a growth of 51% YoY. The total income stood at INR 366 crore as compared to INR 399 crore in the year-ago quarter, representing a YoY fall of 8.27%. The company reported an EBITDA of INR 153 crore in Q3FY23 as compared to INR 115 crore in Q3FY22, representing a growth of 33%. The EPS of Godrej Properties stood at INR 2.11 in the quarter ended December 2022 as compared to INR 1.40 in the year-ago quarter.
Commenting on the performance of Q3 FY2023, Mr. Pirojsha Godrej, Executive Chairman, Godrej Properties Limited, said “Residential real estate demand in India has remained strong and we believe the cyclical upturn in the sector will gain further momentum in the years ahead providing significant opportunities for leading developers to participate in sectoral growth while also gaining market share. The two highlights in the third quarter were that GPL registered its best ever quarter for both sales bookings and business development. This leaves us well positioned to surpass our FY 23 bookings guidance of 10,000 crore and to sharply grow on this base in the years ahead."
(With inputs from PTI)
