Godrej Properties Adds 15 Land Parcels with Rs 27,500 Cr Sales Potential
The company's new business development means the acquisition of land parcels through outright purchases and joint ventures with landowners to build new projects will cross at least Rs 30,000 crore in FY23, double than the annual guidance of Rs 15,000 crore. The company has added 15 new projects so far this fiscal with a total estimated saleable area of 23.42 million square feet and total estimated booking value of Rs 27,500 crore. In Q3 alone, Godrej Properties added 9 new projects in Delhi-NCR, Mumbai Metropolitan Region (MMR), and Pune with an expected sales booking of Rs 23,050 crore. The company is in talks with many landowners for join developments as well. On the operational front, the company's sales bookings rose 77 per cent year-on-year to Rs 8,181 crore in the April-December period as against Rs 4,613 crore in the year-ago period. Sales booking during Q3 jumped over two-fold to Rs 3,252 crore from Rs 1,541 crore in the year-ago period. The sales bookings in Q3 were the highest for the company for any quarter ever, Godrej highlighted. Nevertheless, Godrej Properties will not revise upwards its annual guidance for sales bookings. Out of the total sales bookings in April-December of this fiscal, the residential segment contributed Rs 8,124 crore, while commercial properties were just Rs 57 crore. Geographically, Godrej Properties sold properties worth Rs 2,675 crore in Delhi-NCR, Rs 2,053 crore in the Mumbai Metropolitan Region (MMR), Rs 1,452 crore in Bengaluru, and Rs 1,376 crore in Pune. These are the four major markets for the company. Godrej Properties, reported a 51 per cent increase in consolidated net profit at Rs 58.74 crore for Q3. The net profit stood at Rs 39.02 crore in the year-ago period. The total income declined to Rs 404.58 crore in the third quarter of this fiscal from Rs 466.91 crore in the corresponding period of the previous year. The company posted a net profit of Rs159.25 crore during the April-December period of this fiscal as against Rs 91.90 crore in the year-ago period. Its total income rose to Rs 1,200.18 crore in the first nine months of this fiscal from Rs 1,063.12 crore a year ago.
Tags : company new business land parcels purchases joint ventures Godrej Properties