Godrej Properties shares gained more than two percent on October 7 after the company reported bookings of Rs 5,200 crore in Q2FY25, from the sale of 5.1 million square feet of residences.
The sales were supported by strong demand coming from new project launches in the National Capital Region (NCR) and the Mumbai Metropolitan Region (MMR). Its operating cash flow in the quarter was at Rs 1,800 crore, up 120 percent YoY.
In the first half of the current fiscal, Godrej Properties' bookings rose 89 percent on-year to Rs 13,800 crore, around half of its booking guidance for the full year, and above its annual bookings in FY23. It sold 8,600 homes with a total area of 14 million square feet.
One of its projects in NCR, Godrej Vrikshya saw bookings of Rs 1,500 crore in the quarter while a plotted development in MMR, Godrej Woodside Estate recorded bookings of over Rs 600 crore.
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Collections during the July-Sep quarter were 68 percent higher at Rs 4,000 crore and in the half-year 62 percent higher at Rs 7,000 crore. With this, the company has achieved 47 percent of its annual guidance for collections in FY25.
The company has added 8 new projects so far in FY25 with a total saleable area of 11 msf and booking potential of Rs 12,650 crore. Of this Q2 accounted for 6 projects with a booking value of Rs 9,650 crore. It has achieved 63 percent of its annual booking guidance.
The project additions in the quarter ensured a robust pipeline of launches, not just for the current year but for years to come, said Managing Director and CEO, Gaurav Pandey. “We have also entered the market of Indore recently and are looking forward to our first launch in this city,” he added.
At 9:18 am, shares of Godrej Properties were trading 2 percent higher at Rs 2,959.80 on the National Stock Exchange (NSE). The stock has risen around 47 percent so far this year, outperforming benchmark Nifty's returns of 15 percent.
In the past 12 months, the counter has rallied more than 81 percent, compared to Nifty's gain of around 28 percent during this period.
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