Godrej Properties shares surge 7% on highest-ever quarterly sales

The real estate developer said it has achieved 161% of its booking value guidance for FY24 with volume growth of 31% during the year to 20 million sq. ft. and an improved project mix. Sales volume for Q4 grew by 56% to 8.17 million sq. ft and was driven by superlative consumer demand in some key new project launches.

In FY24, the bookings grew 84% YoY to over Rs 22,500 crore, which was 61% above the guidance provided at the start of the year.

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Godrej Zenith in NCR achieved a booking value of more than Rs 3,000 crore and Godrej Reserve in MMR achieved a booking value of Rs 2,690 crore. Both of these projects were the best-ever launches for the company in the respective markets.

In FY24, 4 projects (including Godrej Aristocrat launched in Q3 and Godrej Tropical Isle launched in Q2) achieved over Rs 2,000 crore booking value.

GPL’s bookings in NCR in FY24 grew 180% to over Rs 10,000 crore and GPL’s bookings in MMR grew 114% to over Rs 6,500 crore.

“We are delighted with the scale up we have achieved in the past two years. The sales bookings of over Rs 9,500 crore in Q4FY24 surpasses our annual bookings in FY22. We achieved a growth of 84% in FY24 to register bookings of over Rs 22,500 crore. We are pleased that this sales growth was on the back of both an improving project mix as well as strong volume growth of 31%," said Gaurav Pandey, MD & CEO, Godrej Properties.

He said the company continues to have a strong launch pipeline for the current year, which will also be bolstered by its recent entry into the important Hyderabad market.

Shares of the realty developer have rallied 145% in the last one year with the industry going through an upcycle phase.

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