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Godrej Properties Limited recorded its highest-ever quarterly and yearly sales in Quarter 4 Financial Year 2023. With a record bookings of INR 4,051 crore and growing by 56% to INR 12,232 crore.
Sales volumes increased by 19% Quarter on Quarter from 4.42 million square feet to 5.25 million square feet during the period. Sales volumes increased by 40% in area terms from 10.84 million square feet to 15.21 million square feet for the entire financial year.
In Financial Year 2023, Godrej Properties Limited ‘s cash receipts increased 41% to INR 8,991 Crore. Collections during Quarter 4 Financial Year 2023 is around 3,822 Crore, reflecting a rise of 127% on a quarterly and 52% on an annual basis.
Godrej Properties delivered projects sum up over 10 million square feet of space across five locations in 2023, including 7.6 million square feet in fourth quarter. This was the company’s greatest quarterly and annual project deliveries ever.
The addition of 18 new projects in 2023, with a total projected saleable area of over 29 million square feet and an estimated booking value of 32,000 crores, made it the biggest year for business development in Godrej Properties history.
In Quarter 4 of the year 2018, 5,750 crores in new project bookings were anticipated. “We are thrilled that our efforts to take Godrej Properties Limited ‘s operational scale to a new level is meeting success,” stated Gaurav Pandey, MD & CEO of Godrej Properties.
We generated total Financial Year 2023 bookings of 12,232 crores, which was 22% above our full year projection thanks to a surge in sales bookings of 56%. We are happy that this revenue growth supported us by stronger volume growth of 40% and an enhanced project mix.
Notably, our excellent sales performance has resulted in record collections rise of 41% to 8,991 crore, supported by solid project completions of more than 10 million square feet. With our business development additions exceeding 200% year over year and nearly tripling our initial forecast, we will have the strongest launch pipeline ever this year.
Our employees have developed a thorough grasp of each of India’s major real estate markets, and they are very enthusiastic about the opportunity that the upcoming years present for us to continue delivering high-quality performance across all important operating metrics.
Source-ET
