Mumbai-based Godrej Properties share price jumped 8.37% to an intraday high of Rs 1,219.5 per share today on the back of positive March-quarter results. The real estate developer posted its best ever quarter in terms of sales bookings. Nifty Realty also gained 3.6% as Godrej Properties buoyed the index. The stock’s 52-week high is at Rs 1,705 per share while its 52-week low price is at Rs 1,005 per equity share on the NSE. 20,51,717 shares of Godrej Properties exchanged hands in trade so far on Monday. The share has pared some of its gains and is trading at Rs 1,206.85, up 7.24%. Other Nifty Realty constituents Prestige Estates Properties, Sobha, DLF, Marcotech Developers gained up to 5.5%.
Godrej Properties sale bookings rose 56% to hit an all time high of Rs 12,232 crore while Q4FY23 bookings were at Rs 4,051 crore as demand for residential properties soared. The March quarter saw its sales volumes grow by 19% QoQ, while the volumes grew 40% for the full fiscal year.
The company’s sales growth was a result of the improving project mix as well as the strong volume growth of 40%. The robust sales performance resulted in collections growth of 41% to Rs 8,991 crore, a new record for the company. This is backed by strong project completions of over 10 million sq. ft. “With our business development additions nearly doubling our initial guidance and increasing by over 200% YoY, we will have a stronger launch pipeline in the current year than ever before,” said Gaurav Pandey, MD & CEO, Godrej Properties.