Godrej Properties Limited (GPL) announced key updates for Q4 and FY23. GPL’s highest ever quarterly and annual sales - Q4 FY23 bookings to INR 4,051 Crs and FY 23 booking value grew by 56% to 12,232 Crs. Sales volumes for the quarter grew by 19% QoQ in area terms from 4.42 million sq. ft. to 5.25 mn sq. ft. Sales volumes for the full financial year grew by 40% in area terms from 10.84 million sq. ft. to 15.21 mn sq. ft.
GPL’s Cash Collections for FY23 grew 41% to INR 8,991 Crore. Q4 FY23 collections stood at INR 3,822 Crore representing QoQ growth of 127% and YoY growth of 52%.GPL’s highest ever quarterly and annual project deliveries - Delivered projects aggregating over 10 million sq. ft. across 5 cities in FY23 including 7.6 million sq. ft. in Q4.
GPL’s best ever year for business development as it added 18 new projects in FY23 with a total estimated saleable area of nearly 29 million sq. ft. and total estimated booking value of ~INR 32,000 crore (i.e., more than double the BD guidance of INR 15,000 Crs of estimated booking value for FY23). This included 5 new projects with an expected booking value of 5,750 Crore in Q4.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are delighted that our efforts to take GPL’s 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%. Importantly, our robust sales performance, has translated into record collections growth of 41% to 8,991 crore backed by strong project completions of over 10 million sq. ft. With our business development additions nearly doubling our initial guidance and increasing by over 200% YoY, we will have a stronger launch pipeline in the current year than ever before. Our teams have built a deep understanding across all the key real estate markets in India and are greatly excited by the potential the next several years offer for us to deliver sustained high-quality performance across all key operating metrics.”
