Godrej Prop soars up

Godrej Properties Ltd (GPL) announced today morning that it had its best ever quarter for sales bookings, cash collections, and project deliveries.

GPL said that its Q4 FY23 bookings rose to Rs.4,051 crore and FY 23 booking value grew by 56% to 12,232 crore.

Sales volumes for the quarter grew by 19% (QoQ) in area terms from 4.42 million sq. ft. to 5.25 million sq. ft.

GPL’s cash collections for FY23 grew 41% to Rs.8,991 crore and collections stood at Rs.3,822 crore representing QoQ growth of 127% and YoY growth of 52%.

It delivered projects aggregating over 10 million sq. ft. across 5 cities in FY23 including 7.6 million sq. ft. in Q4.

The company said that FY23 was its best ever year for business development as it 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, which was more than double the guidance given 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.

This performance report by the company has pushed the stock to the top five gainers list, rising 8.5% to an intraday high at Rs.1219.40 on a 3x rise in volumes.

The current price is closer to the 52-week low of Rs.1005.70 than the high of Rs.1704.90.