Sales volumes for the quarter grew 19% sequentially in area terms to 5.25 million sq ft from 4.42 million sq ft. During the year, sales volumes rose 40% to 15.21 million sq ft from 10.84 million sq ft.
This is the company’s highest-ever quarterly and annual sales performance. In addition to sales, the company’s cash collections, and project deliveries also touched a new high.
In an earlier exclusive interaction, the company’s Executive Chairman Pirojsha Godrej had told ET that the company is positioned well to surpass its bookings guidance of Rs 10,000 crore for 2022-23 and to sharply grow on this base in the years ahead.
“We are delighted that our efforts to take Godrej Properties’ operational scale to a new level is meeting success. Our sales bookings growth of 56% allowed us to register total FY 23 bookings of 12,232 crore, which was 22% ahead of our full year guidance. We are pleased this sales growth for the year was on the back of both an improving project mix as well as strong volume growth of 40%,” said Gaurav Pandey, MD & CEO, Godrej Properties.
The developer’s cash collections for 2022-23 grew 41% to Rs 8,991 crore, while March quarter collections rose 52% to Rs 3,822 crore representing sequential growth of 127%.
The quarter and the financial year also marked the company’s highest ever project deliveries. The developer delivered projects aggregating over 10 million sq ft across 5 cities in 2022-23 including 7.6 million sq ft in the fourth quarter.“With our business development additions nearly doubling our initial guidance and increasing by over 200% on year, we will have a stronger launch pipeline in the current year than ever before,” Pandey said.
The company recorded its best-ever year for business development too as it added 18 new projects during the period with a total estimated saleable area of nearly 29 million sq ft and total estimated booking value of Rs 32,000 crore.
Pirojsha Godrej had also told ET earlier that the company is likely to surpass its own guidance of adding projects with total revenue potential of over Rs 15,000 crore to its development portfolio in the current financial year.
The new project addition is more than double of its business development guidance of Rs 15,000 crore of estimated booking value for FY23.
This included 5 new projects with an expected booking value of Rs 5,750 crore in March quarter. Ends
