Godrej Properties: Stellar Performance in FY23

Godrej Properties, as stated by Chairman Pirojsha Godrej in their latest annual report, has achieved a booking value of over Rs 2,000 crore in major markets like NCR, Mumbai, Bengaluru, and Pune. The company's sales bookings for the year were Rs 12,232 crore, a 56% increase from the previous year, driven by a 40% growth in volume.

They saw a 25% rise in sustenance sales (sales from existing projects), amounting to Rs 6,026 crore, and a 100% surge in sales from new launches, totaling Rs 6,206 crore. The company also achieved its highest-ever collections of Rs 8,991 crore in FY23, representing a 41% growth over their previous best year.

Their total income increased by 26% to Rs 3,017 crore, and net profit rose by 62% to Rs 571 crore for FY23. Additionally, Godrej Properties added 18 new projects in FY23, with an estimated revenue potential of Rs 32,000 crore, marking a 250% increase over FY22.

Looking ahead, the company aims to exceed Rs 14,000 crore in booking value, achieve another record year for cash collections and project delivery, and maintain a growth rate of 20% per year while targeting a Return on Equity (ROE) of 20%. They believe in the continued growth of the residential real estate sector in India, providing ample opportunities for leading developers to thrive.