Godrej Properties Ltd Share Price – NSE  /  BSE

Realty, Mid Cap

During the quarter, the company’s sales volume jumped 56% YoY to 8.17 million square foot. Sales in Mumbai Metropolitan Region (MMR) was more than Rs 4,000 crore in Q4 FY24.

Sales were driven by superlative consumer demand in some key new project launches. Godrej Zenith in NCR achieved a booking value of more than Rs 3,000 crore and Godrej Reserve in MMR achieved a booking value of Rs 2,690 crore. Both of these projects were the best ever launches for the company in the respective markets.

In FY24, 4 projects (including Godrej Aristocrat launched in Q3 and Godrej Tropical Isle launched in Q2) achieved over Rs 2,000 crore booking value. The company’s bookings in NCR in FY24 surged 180% to over Rs 10,000 crore and bookings in MMR zoomed 114% to over Rs 6,500 crore.

The booking value grew by 84% to more than Rs 22,500 crore and the company achieved 161% of its booking value guidance for FY24 with volume growth of 31% during the year to 20 millions square foot and an improved project mix.

Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are delighted with the scale up we have achieved in the past two years. The sales booking of over Rs 9,500 crore in Q4FY24 surpasses our annual bookings in FY22. We achieved a growth of 84% in FY24 to register bookings of over INR 22,500 crore. We are pleased that this sales growth was on the back of both an improving project mix as well as strong volume growth of 31%. We’d like to take this opportunity to sincerely thank our customers and all stakeholders for their trust and confidence in Godrej Properties.

We continue to have a strong launch pipeline for the current year, which will also be bolstered by our recent entry into the important Hyderabad market. We have built a deep understanding across the key real estate markets in India and are greatly excited by the potential the next several years offer for us to deliver sustained high-quality performance across all key operating metrics.”

Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 December 2023. The company currently operates in various cities and focuses on residential, commercial, and township development.

The real estate developer’s consolidated net profit increased 6% to Rs 62.27 crore in Q3 FY24 from Rs 58.74 crore posted in Q3 FY23. Revenue from operations jumped 68.39% YoY to Rs 330.44 crore in Q3 FY24.

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Godrej Properties Ltd rose 5.6% today to trade at Rs 2732.85. The S&P BSE Realty Index index is up 1.62% to quote at 7603.22. The index is up 5.08 % over last one month. Among the other constituents of the index, Prestige Estates Projects Ltd increased 2.81% and Sobha Ltd added 2.74% on the day. The S&P BSE Realty Index index went up 125.65 % over last one year compared to the 25.19% surge in benchmark SENSEX.

Godrej Properties Ltd has added 10.87% over last one month compared to 5.08% gain in S&P BSE Realty Index index and 1.08% rise in the SENSEX. On the BSE, 9942 shares were traded in the counter so far compared with average daily volumes of 27245 shares in the past one month. The stock hit a record high of Rs 2740.95 on 09 Apr 2024. The stock hit a 52-week low of Rs 1165 on 10 Apr 2023.

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Godrej Properties announced its best ever quarterly and annual sales in Q4 FY 24 and FY 24 respectively.

GPL's highest ever quarterly and annual sales:• Q4 FY24 booking value grew by 135% to more than Rs 9,500 crore and FY 24 booking value grew by 84% to more than Rs 22,500 crore.

• GPL achieved 161% of its booking value guidance for FY24 with volume growth of 31% during the year to 20.00 million sq. ft. and an improved project mix. Sales volume for Q4FY24 grew by 56% to 8.17 million sq. ft.

• Sales were driven by superlative consumer demand in some key new project launches. Godrej Zenith in NCR achieved a booking value of more than Rs 3,000 crore and Godrej Reserve in MMR achieved a booking value of Rs 2,690 crore. Both of these projects were the best ever launches for GPL in the respective markets.

• In FY24, 4 projects (including Godrej Aristocrat launched in Q3 and Godrej Tropical Isle launched in Q2) achieved over Rs 2,000 crore booking value.

• GPL's bookings in NCR in FY 24 grew 180% to over Rs 10,000 crore and GPL's bookings in MMR grew 114% to over Rs 6,500 crore.

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This is Godrej Properties' most successful ever launch in terms of the value and volume of sales achieved,” the company said in a statement.

Godrej Zenith is GPL's largest residential development in Gurugram. The company has recorded a 473% YoY increase in sales in Gurugram in FY24 and has a strong launch pipeline for FY25 which includes new project launches planned in Sector 103, Sector 43, and Sector 54.

This is the second time in Gurugram, and the fourth time pan India, that GPL has recorded sales of over Rs 2,000 crore during launch in FY24.

The company sold inventory worth approximately Rs 2,690 crore in its project, Godrej Reserve, located in Kandivali, Mumbai in Q4 FY24.

Gaurav Pandey, MD & CEO, Godrej Properties, said: We are delighted with the response to our project, Godrej Zenith.

Gurugram is an extremely important market for Godrej Properties, and we will look to further strengthen our presence in Gurugram in the years ahead.

Godrej Properties is the real estate arm of the Godrej Group. It is subsidiary of Godrej Industries, which holds 58.48% of the company's equity shares as on 31 December 2023. The company currently operates in various cities and focuses on residential, commercial, and township development.

The real estate developer’s consolidated net profit increased 6% to Rs 62.27 crore in Q3 FY24 from Rs 58.74 crore posted in Q3 FY23. Revenue from operations jumped 68.39% YoY to Rs 330.44 crore in Q3 FY24.

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