Godrej Properties Limited announced its financial results for the fourth quarter ended March 31, 2023. The Q4 FY23 witnessed total booking value growth of 25% YoY and QoQ to INR 4,051 crore with 5.25 million sq. ft. of area sold during the quarter.
FY22 booking value grew by 56% to INR 12,232 crore on back of both an improving project mix as well as strong volume growth of 40% to 15.21 million sq. ft. It became the only developer to achieve a booking value of more than INR 2,000 Crore in a year across each of the 4 large markets of NCR, MMR, Bengaluru and Pune.
The company added 5 new projects with a total estimated saleable area of nearly 9 million sq. ft. and total estimated booking value of ~INR 5,750 Crore in Q4 FY23. For FY23, added 18 new projects with an estimated revenue potential of ~INR 32,000 crore, more than double the BD guidance of INR 15,000 Crore of estimated booking value for FY23.
Highest ever collection of INR 3,822 crore for Q4FY23 and INR 8,991 crores for FY23 leading to net operating cash flow growth of 115% YoY to INR 2,245 crore in Q4 FY23 and 101% to INR 3,533 crores in FY23. It delivered ~8 million sq. ft. across 5 cities in Q4 FY23 taking overall deliveries for FY23 to ~10.5 mn sq. ft.
Commenting on the performance of Q4 FY2023, Pirojsha Godrej, Executive Chairperson, Godrej Properties Limited, said, “Residential real estate demand in India has been strong throughout FY 23 and leading developers have benefited from both sectoral growth as well as market share gains. Godrej Properties delivered a well-rounded performance in FY 23 registering its best ever business development, bookings, cash collections, earnings, and deliveries. With a robust launch pipeline, strong balance sheet, and sectoral tailwinds, we are confident of building on this momentum in FY24.”
Q4 FY23 performance overview compared with Q4 FY22 where the total income grew by 31% to INR 1,930 crore as compared to INR 1,476 crore. EBITDA grew by 56% to INR 630 crore as compared to INR 403 crore. The net profit grew by 58% to INR 412 crore as compared to INR 260 crore.
