Record Bookings Boost Godrej Properties Stock

7 Oct 2024 , 01:20 PM

On October 7, Godrej Properties‘ stock increased by more than 2% in the early session on the company’s announcement of bookings of Rs 5,200 crore from the sale of 5.1 million square feet of residential real estate in Q2FY25.

As of 1:14 pm, The stock was down 1% at ₹2,867.35.

Strong demand from recently launched projects in the Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) helped to bolster the sales. Its operating cash flow increased by 120% year over year to Rs 1,800 crore during the quarter.

Godrej Properties’ bookings increased by 89% year over year in the first half of the current fiscal year to Rs 13,800 crore, or about half of its full-year booking projection and above its FY23 annual bookings.

With a total area of 14 million square feet, it sold 8,600 residences.

Godrej Vrikshya, one of its projects in the National Capital Region, witnessed bookings of over Rs 1,500 crore during the quarter, while Godrej Woodside Estate, a plotted development in MMR, saw bookings of over Rs 600 crore.

The half-year saw a 62 percent increase in collections at Rs 7,000 crore, while the July-Sep quarter saw a 68 percent increase at Rs 4,000 crore. By doing this, the business has met 47% of its yearly target for collections in FY25.

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