Godrej Properties is targeting at least 27 percent growth in its sales bookings this fiscal year to cross the Rs 10,000 crore mark as it plans to launch many projects across major cities to encash on a ''decisive uptrend'' in housing demand, a top company official said.
In an interview with PTI, Godrej Properties Executive Chairman Pirojsha Godrej said the company's performance in the fourth quarter, as well as the entire last fiscal, was very impressive as it achieved record sales bookings and collections from customers. The company is aiming to perform better on key operational and financial metrics.
In the last fiscal, Godrej Properties' sales bookings increased 17 percent to Rs 7,861 crore, out of which Rs 7,781 crore came from the residential properties. It sold 9,121 homes with a total area of 10.8 million square feet in FY22.
About the target for the current fiscal, Pirojsha Godrej said, ''we don't give financial numbers guidance. Launch guidance is very robust.''
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He expects another record-breaking year in terms of sales bookings, collections from customers, and deliveries of projects.''The financial numbers should also be quite healthy.''
On sales bookings for FY'23, Pirojsha Godrej said, ''we definitely should see good growth over last year's level. Our goal will be to try and cross Rs 10,000 crore.''
''Overall, I think the good news is now the sector seems to have decisively turned into an uptrend and I think the next few years should be very good ones for the sector. We have of course been adding a lot of projects to our portfolio. So that also gives us good confidence,'' he said.
Pirojsha Godrej said the company delivered around 6.5 million square feet during the last fiscal and is targeting to reach 10 million square feet.
He noted that the company plans to launch over 20 million square feet area new projects or new phases in existing projects during this fiscal area, mainly in four cities -- Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, and Bengaluru. According to a company presentation, it achieved a booking value of Rs 7,861 crore for FY22, the highest ever sales in a financial year despite the severe impact of the second wave of the coronavirus pandemic in Q1 FY22.
This is the fifth consecutive year of record annual sales despite industry volatility, it said.
''Sales from new launches in FY22 stood at Rs 3,036 crore. Sales from existing inventory stood at Rs 4,826 crore (including commercial sales of Rs 81 crore)... Highest ever annual residential collection of Rs 6,907 crore in FY22,'' the company said.
Earlier this week, Godrej Properties reported a consolidated net profit of Rs 260.47 crore for the quarter ended in March while its sales bookings grew by 23 percent to Rs 3,248 crore. The company had posted a net loss of Rs 191.57 crore in the year-ago period.
Total income increased to Rs 1,522.57 crore during the January-March quarter of the last fiscal from Rs 576.08 crore in the year-ago period, according to a regulatory filing.
Godrej Properties posted a net profit of Rs 352.37 crore during 2021-22. It had a net loss of Rs 189.30 crore in the previous year. Total income increased to Rs 2,585.69 crore in the last fiscal from Rs 1,333.09 crore in 2020-21.
Godrej Properties, the real estate arm of the business conglomerate Godrej Group, has a significant presence in the property markets of Mumbai Metropolitan Region (MMR), Delhi-NCR, Pune, and Bengaluru. The company has delivered around 24 million square feet of real estate in the past five years. It currently has 192 million square feet of saleable area across India.
(With PTI inputs)
