Godrej Properties stock up by around 8%

10 Apr 2023 , 10:24 AM

Godrej Properties’ stock jumped as much as 8% in today’s early morning trade as the company posted its numbers for the quarter and financial year ended March 2023.

GPL has achieved record-breaking sales figures in Q4 and FY23, marking the highest-ever quarterly and annual sales for the company. In Q4 FY23, the company booked sales worth Rs 4,051 crore, while the booking value for FY23 increased by 56% to Rs 12,232 crore. 

Furthermore, the sales volumes for the quarter increased by 19% in terms of area, from 4.42 million sq. ft. to 5.25 million sq. ft., while sales volumes for the full financial year jumped by 40% in area terms, from 10.84 million sq. ft. to 15.21 million sq. ft.

The company has reported a significant increase in cash collections for FY23, with a growth rate of 41% to Rs 8,991 crore. In Q4 FY23, the company’s cash collections amounted to Rs 3,822 crore, marking a quarter-on-quarter growth of 127% and a year-on-year growth of 52%.

In FY23, the company has successfully delivered projects totaling over 10 million sq. ft. across 5 cities, including 7.6 million sq. ft. in Q4 alone.

GPL has had a highly successful year for business development in FY23, having added 18 new projects that are estimated to have a total saleable area of almost 29 million sq. ft. and a total booking value of approximately Rs 32,000 crore. These figures represent more than double the BD guidance, which had set the estimated booking value for FY23 at Rs 15,000 crore.

Notably, GPL added 5 new projects in Q4, which are expected to have a booking value of Rs 5,750 crore.

At around 10.23 AM, Godrej Properties was trading 7.93% higher at Rs 1,214.60 per piece against the previous close of Rs 1,125.35 on NSE.

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