Q4 FY23: Godrej Properties Posts Best-ever Quarter For Sales Bookings, Cash Collections

Real Estate developer Godrej Properties (GPL) announced on Monday its highest-ever quarterly and annual sales. Its Q4 FY23 bookings were Rs 4,051 crore and FY23 booking value grew by 56 per cent to 12,232 crore.

The company said its Sales volumes for the quarter grew by 19 per cent QoQ in area terms from 4.42 million sq. ft. to 5.25 million sq. ft. Sales volumes for the full financial year grew by 40 per cent in area terms from 10.84 million sq. ft. to 15.21 million sq. ft.

GPL’s Cash Collections for FY23 grew 41 per cent to Rs 8,991 crore. Q4 FY23 collections stood at Rs 3,822 Crore representing QoQ growth of 127 per cent and YoY growth of 52 per cent. 

The company also recorded its highest-ever quarterly and annual project deliveries in Q4, where it delivered projects aggregating over 10 million sq. ft. across 5 cities in FY23 including 7.6 million sq. ft. in Q4.

In a statement, 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 per cent allowed us to register total FY 23 bookings of 12,232 crore, which was 22 per cent 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 per cent. Importantly, our robust sales performance, has translated into record collections growth of 41 per cent to Rs 8,991 crore backed by strong project completions of over 10 million sq. ft.”

GPL also added 18 new projects in FY23 with a total estimated saleable area of nearly 29 million sq. ft. and total estimated booking value of ~Rs 32,000 crore (i.e., more than double the BD guidance of RS 15,000 crore of estimated booking value for FY23). This included 5 new projects with an expected booking value of 5,750 crore in Q4.