Godrej Properties expects better sales bookings in FY22 as against FY21
Real estate major Godrej Properties, in the current fiscal, expects to surpass last year's sales bookings record of Rs 6,725 crore despite the second wave of the Covid-19 pandemic, along with hopes of crossing the Rs 10,000 crore mark in FY23.
According to Godrej Properties, the company expects muted sales between the April to June quarter due to the ongoing pandemic and lockdown in various parts of the countries.
The company's sales bookings increased 14% to an all-time high of Rs 6,725 crore during the last financial year, despite the overall demand slowdown in the market because of the pandemic.
Godrej Properties achieved sales bookings of over Rs 1,300 crore each across four major markets—Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune and Bengaluru.
Godrej Properties said the company aims for over 20% growth in this fiscal before the onset of the second wave. According to the company, the booking value growth and earnings growth should be very robust over the medium term.
As we have reported earlier, Godrej Properties, which recently raised Rs 3,750 crore through the sale of shares to institutional investors through the Qualified Institutional Placement (QIP) route, aims to expand its operation manifold over the next four or five years.
During FY21, Godrej Properties reported a net loss of Rs 189.43 crore against a net profit of Rs 273.94 crore in the previous fiscal year. Total income declined to Rs 1,333.09 crore in 2020-21 from Rs 2,914.59 crore in the previous fiscal.