Owing to strong domestic demand, Godrej Properties' sales bookings grew 77% in FY23 to ₹8,181 crore between April and December, as against ₹4,613 crore in the first nine months of the previous financial year. Executive Chairman Pirojsha Godrej said the booking figures would cross the ₹10,000 crore target for the full fiscal.
Sales bookings more than doubled from ₹1,541 crore to ₹3,252 crore between October and December.
In an interview with PTI, Pirojsha Godrej said: "We are very pleased with the last quarter. Operationally, it has been a very strong quarter."
"We have booked sales of around ₹8,200 crore in the first three quarters of this financial year and expect that we will definitely exceed the annual guidance of ₹10,000 crore," Godrej said.
Sales bookings in the third quarter were the highest ever for the company in any quarter, Pirojsha Godrej further said, adding that Godrej Properties will not revise its annual guidance for sales bookings.
The company recorded total bookings of Rs 3,252 crore and a total booking volume of 4.42 million sq ft in Q3FY23. According to the firm, it added 9 new projects in NCR, MMR and Pune with an estimated booking value of Rs 23,050 crore. For the full fiscal, it added 15 new projects with an estimated revenue potential of Rs 27,500 crore, up from the target of Rs 15,000 crore for FY23.
ICRA and CRISIL raised the credit rating of commercial paper (CP) from Rs 1,500 crore to Rs 1,750 crore. Post reaffirmation, the ratings have been assigned [ICRA] A1+ and CRISIL A1+ respectively.
The company declared a consolidated net profit of INR 59 Crore in Q3FY23 as compared to INR 39 Crore in Q3FY22, representing a growth of 51% YoY. Total income stood at Rs 366 crore as compared to Rs 399 crore in the year-ago quarter, representing a decline of 8.27%. The company reported an EBITDA of INR 153 Crore in Q3FY23 as compared to INR 115 Crore in Q3FY22, representing a growth of 33%. Godrej Properties' EPS stood at Rs 2.11 for the quarter ended December 2022, as against Rs 1.40 in the year-ago quarter.
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