- Godrej Properties, a leading Indian real estate developer, has seen a 7% surge in its shares, reaching ₹2,748 each during early trading on Monday.
- This surge is a result of the company’s impressive performance in the quarter ending March and the entire fiscal year FY24.
- The company achieved its highest-ever quarterly sales for the third consecutive quarter in Q4FY24, with a booking value of ₹9,519 crore, reflecting a year-on-year growth of 135%.
Godrej Properties sees a 7% surge in shares following an impressive performance in Q4FY24 and FY24, achieving its highest-ever quarterly sales for the third consecutive quarter.
Record-Breaking Performance in Q4FY24
Godrej Properties’ exceptional performance was driven by the sale of 8.17 million sq. ft of area. This marks the highest-ever quarterly sales reported by a listed developer in India to date. Its booking value in Q4 FY24 has surpassed the booking value for the entire FY22, as per the company’s investor presentation. In Q4 FY24, the company’s collections stood at ₹4,693 crore, marking a substantial year-on-year growth of 23%.
Robust Sales Figures and Profit
Buoyed by robust sales figures, the company reported its highest-ever quarterly profit of ₹471.26 crore in the March quarter. Additionally, revenue rose to ₹1,914.82 crore in Q4 FY24, compared to ₹1,838.82 crore in the corresponding period of the previous year. For the full fiscal year, the company posted its highest-ever annual sales, with a booking value of ₹22,527 crore, representing a year-on-year growth of 84%. This performance was driven by the sale of 20 million sq. ft of area (equivalent to 14,310 homes), with residential bookings accounting for 99.9% of the total booking value.
Launch Pipeline
The company plans to launch residential projects worth ₹30,000 crore this fiscal year across major cities. It plans to introduce projects spanning 5.5 million square feet (msf) with an anticipated launch value of ₹9,500 crore. Additionally, it intends to launch projects in key cities like NCR, Bengaluru, Pune, and others, covering a collective area of 16.4 msf. This concerted effort will elevate the total project area to 21.9 msf, reinforcing the company’s commitment to meeting growing demand in the real estate market, as per the company’s investor presentation.
Conclusion
Godrej Properties’ impressive performance in Q4FY24 and FY24, marked by its highest-ever quarterly and annual sales, has led to a surge in its shares. The company’s robust sales figures and profit, along with its ambitious launch pipeline for the fiscal year, indicate a promising future outlook. The surge in demand for residential properties in India, driven by the country’s expanding economy and significant investments from high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs), further boosts the company’s prospects.
