Godrej Properties new MD wants to clock 40% growth rate YoY
Published on Sat, Jan 21, 2012 at 17:29 | Source : CNBC-TV18
Updated at Mon, Jan 23, 2012 at 08:16
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Godrej Properties new MD wants to clock 40% growth rate YoY
At just thirty, he is the youngest scion of the real estate industry. Pirojsha Godrej, the youngest son of Adi Godrej has been appointed the managing director and CEO of Godrej Properties.
At just thirty, he is the youngest scion of the real estate industry. Pirojsha Godrej, the youngest son of Adi Godrej has been appointed the managing director and CEO of Godrej Properties.
Pirojsha Godrej says the company has quite robust plans for growth over the next 10 years. "We actually chalked out at the board level what we think is a possible growth scenario for the company and of course this is not a firm target but more like a vision of where we would like to see the company grow," he tells CNBC-TV18's Priyanka Ghosh.
They also expect to launch 10 million square feet (MSF) projects this fiscal. Going forward, he would like to see Godrej properties grow from a revenue of about Rs 550 crore last year to revenue of about Rs 20,000 crore by 2020. "To achieve our vision by the year 2020 of achieveing Rs 20,000 crore of revenue, we need to grow at compounded rate of above 40% for a 10-year period," he adds.
Historically, he says they have looked at a compounded annual growth rate of about 50%. As the company refrains from giving specific guidance in the near-term they do hope however to reach somewhere approximating that growth in the near-term.
