Godrej Properties Surges 8%, Hits 52-Week High Post Q4 Growth

Shares of Godrej Properties Ltd surged 8% to hit a 52-week high of Rs 2,791.80 after the company reported significant growth in bookings for the March quarter as well as FY24.

At 1:28 pm, Godrej Properties was trading nearly 5% higher at Rs 2,710, marking the fourth consecutive day of gains. Over the past six months, the stock has surged 66% and 35% this year so far.

The company reported a 135% year-on-year increase in bookings in the March quarter, totaling Rs 9,500 crore, the highest-ever quarterly sales by any publicly listed real estate developer in India.

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The growth was fueled by the sale of 5,331 homes spanning over 8 million square feet. FY24 bookings surged 84% from the previous year to more than Rs 22,500 crore, exceeding the company's initial guidance by 61%.

The company sold 14,310 homes, covering 20 million square feet, during the year. New project launches such as Godrej Zenith in NCR and Godrej Reserve in MMR contributed significantly to the sales growth, achieving booking values of over Rs 3,000 crore and Rs 2,690 crore, respectively.

Gaurav Pandey, MD and CEO of Godrej Properties, attributed the sales growth to an improved project mix and a robust volume increase of 31%. He expressed confidence in the company's strong launch pipeline for the current year, particularly with its recent entry into the 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," Pandey said.

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