Godrej Properties expects its sales bookings to increase at least 27 per cent in the current fiscal year as it plans to launch several projects across major cities to take advantage of the "decisive uptrend" in housing demand.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The company achieved record sales bookings and collections in the company's fourth-quarter as well as the entire last fiscal year. Performance on key operational and financial metrics is a key goal for the company, Pirojsha Godrej, Executive Chairman of Godrej Properties, told PTI.

In the last fiscal year, Godrej Properties' sales bookings increased 17 per cent to Rs 7,861 crore, out of which Rs 7,781 crore was accounted for by residential properties. In FY22, it sold 9,121 homes with a total area of 10.8 million square feet.

About the target for the current fiscal, Pirojsha Godrej said, "we don't give financial numbers guidance. Launch guidance is very robust."

He expects another record-breaking year in terms of sales bookings, collections from customers and deliveries of projects. "The financial numbers should also be quite healthy."

On sales bookings for FY23, Pirojsha Godrej said, "we definitely should see good growth over last year's level. Our goal will be to try and cross Rs 10,000 crore."

"Overall, I think the good news is now the sector seems to have decisively turned into an uptrend and I think the next few years should be very good ones for the sector. We have of course been adding a lot of projects to our portfolio. So that also gives us good confidence," he said.

During the last fiscal year, Pirojsha Godrej said the company delivered around 6.5 million square feet, with the goal of reaching 10 million square feet.

During this fiscal year, the company plans to launch over 20 million square feet of new projects or new phases of existing projects, mainly in Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune and Bengaluru.

Despite the severe consequences of the second wave of the Coronavirus pandemic in Q1 FY22, the company achieved a booking value of Rs 7,861 crore for FY22, its highest ever for a financial year.

This is the 5th consecutive year of record annual sales despite industry volatility, it said.

"Sales from new launches in FY22 stood at Rs 3,036 crore. Sales from existing inventory stood at Rs 4,826 crore (including commercial sales of Rs 81 crore)... Highest ever annual residential collection of Rs 6,907 crore in FY22," the company said.

Godrej Properties reported a net profit of Rs 260.47 crore for the quarter ended in March, while its sales bookings were up 23 per cent to Rs 3,248 crore. In the year-ago period, the company had posted a net loss of Rs 191.57 crore.

According to a regulatory filing, total income during the January-March quarter grew to Rs 1,522.57 crore from Rs 576.08 crore a year earlier.

Godrej Properties earned a net profit of Rs 352.37 crore from during 2021-22. The company had a net loss of Rs 189.30 crore in the previous year. The total income increased to Rs 2,585.69 crore in the last fiscal year from Rs 1,333.09 crore in 2020-21.

Business conglomerate Godrej Group has a significant presence in the property markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune and Bengaluru through its real estate arm, Godrej Properties.

A total of 24 million square feet of real estate has been delivered by the company in the past five years. The company currently has 192 million square feet of saleable area in India.

(With Inputs from PTI)