Real estate developer Godrej Properties Limited (GPL) released its financial results for the quarter ended March 31, 2021, on May 3 wherein the company reported a consolidated net loss of Rs 191.62 crore for the period under review but it achieved record sales bookings of Rs 2,632 crore.
The total income of the company fell to Rs 576.08 crore in the fourth quarter of the financial year 2020-21, from Rs 1,288.17 crore in the corresponding period of the previous year, Godrej Properties said in a regulatory filing.
On the operational front, the company said its total sales booking grew 10 percent year-on-year (YoY) to Rs 2,632 crore during the January-March period of the last fiscal year. Total sales booking rose 14 percent to hit an all-time high of Rs 6,725 crore during the last financial year.
The company launched seven new projects across four cities in Q4FY21.
The company’s sales from existing inventory in FY21 stood at Rs 4,550 crore. Sales from new launches in FY21 stood at Rs 2,175 crore. It sold 9,345 homes (YoY growth of 27 percent) with a total area of 10.8 million sq. ft. (YoY growth of 23 percent) in FY21, it said in a regulatory filing.
In NCR, the registered total sales were at 2.65 million sq. ft. through sale of 1,462 homes with a booking value of Rs 1,912 crore. In MMR, the registered total sales were 1.58 million sq. ft. through sale of 1,751 homes with a booking value of Rs 1,528 crore, it said.
With regard to commercial projects, the company said it had received occupancy certificate Godrej Two and had leased 0.24 million sq. ft. at a weighted average monthly rent of Rs 158 per sq. ft., despite the lockdown and associated challenges. It expects strong leasing in FY22 and FY23, it said.
“Our primary focus at the moment is to ensure the safety and well-being of our workforce and to do anything we can to assist the country’s response to this crisis. While the real estate sector like all parts of the economy has been impacted by the second wave, we expect the sector will continue the robust recovery it was witnessing once this crisis abates," the company said.
"In Q4, we are pleased to have delivered our best ever quarterly performance in terms of the value of real estate sold and cash collections generated from our customers. We also successfully concluded the largest ever QIP by a real estate company in India raising Rs 3,750 crore. Given our robust launch pipeline, strong balance sheet, and interesting new project acquisition opportunities, we expect a strong FY22,” said Pirojsha Godrej, executive chairman, Godrej Properties Limited.