Godrej Properties Ltd witnessed a notable surge of 8%, hitting a 52-week high of Rs 2,791.80, buoyed by robust booking growth for the March quarter and FY24. This surge underscores investor confidence in the company’s performance and its strategic positioning in the real estate sector.
As of 1:28 pm, the company’s shares were trading nearly 5% higher at Rs 2,710, marking the fourth consecutive day of gains. Over the past six months, the stock has seen an impressive surge of 66%, with a 35% increase year-to-date, showcasing sustained momentum and investor interest.
The company’s impressive financial performance was highlighted by a remarkable 135% year-on-year increase in bookings for the March quarter, amounting to Rs 9,500 crore. This achievement not only surpasses market expectations but also marks the highest-ever quarterly sales by any publicly listed real estate developer in India.
Also read: Godrej Properties Rises 5% on Swift Rs 3,000 Crore Home Sales in Gurugram
The growth was primarily propelled by the sale of 5,331 homes spread across 8 million square feet, reflecting strong demand and effective execution of the company’s project portfolio. This robust performance underscores Godrej Properties’ resilience and ability to capitalize on market opportunities amidst challenging business environments.
With a strong foundation and a positive growth trajectory, Godrej Properties remains well-positioned to capitalize on emerging trends in the real estate sector and deliver sustained value to its stakeholders.
In Fiscal Year 2024 (FY24), Godrej Properties witnessed a remarkable surge in bookings, soaring by 84 percent from the previous year to surpass Rs 22,500 crore, exceeding the company’s initial guidance by an impressive 61 percent. This surge underscores the robust demand and effective execution of the company’s project portfolio, showcasing its strong market position and strategic prowess.
During the year, the company achieved significant milestones, selling 14,310 homes covering 20 million square feet. This achievement reflects the company’s ability to meet evolving customer needs and preferences while maintaining a focus on quality and innovation.
The success of FY24 can be attributed to the successful launch of new projects such as Godrej Zenith in NCR and Godrej Reserve in MMR, which significantly contributed to sales growth, achieving booking values of over Rs 3,000 crore and Rs 2,690 crore, respectively. These projects not only showcase the company’s commitment to excellence but also highlight its ability to capitalize on market opportunities and deliver value to its customers.
Gaurav Pandey, MD and CEO of Godrej Properties, credited the sales growth to an improved project mix and a robust volume increase of 31 percent. He expressed confidence in the company’s strong launch pipeline for the current year, particularly with its recent entry into the Hyderabad market.
Pandey emphasized the company’s deep understanding of key real estate markets in India and expressed excitement about the potential for sustained high-quality performance across all key operating metrics in the years ahead. This optimism reflects Godrej Properties’ commitment to driving innovation, delivering superior customer experiences, and creating long-term value for its stakeholders.
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