Godrej Properties spurted 16.08% to Rs 704.75 after the company announced its operational updates for Q4 and FY20 on Monday, 6 April 2020.
The company issued business update given the uncertainty in economic conditions amid COVID-19 pandemic.The company said its total booking value jumped 11% to Rs 5,915 crore in FY20 over FY19. Residential sales soared 14% to Rs 5,840 crore (comprising of over 7,300 homes sold).
Godrej Properties launched 17 new projects and phases in FY20 including 6 launches in Q4 March 2020. The sustenance sales grew 48% year-on-year (YoY) to Rs 3,048 crore in FY20.
Bookings stood at Rs 2,380 crore in Q4 March 2020, representing quarter-on-quarter (QoQ) growth of 100% and YoY growth of 10%. The company sold over 3,000 homes in Q4. The number of homes sold and the value of homes sold were the highest the company has achieved in any quarter.
The sales in Q4 March 2020 included over 500 homes sold in the second half of March 2020 as the company focused on digital sales tools to sustain operations despite the lockdown. The company added 10 new projects in FY20 including 5 new projects in Q4.
Godrej 24 in Pune received its occupation certificate in Q4 March 2020 within 24 months of starting construction. This is the fastest ever project completion for the company.
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Godrej Properties added that the start of FY21 may be muted as the lockdown and the subsequent economic toll postpone economic activity, but, its "healthy balance sheet and project pipeline will help maintain operational momentum in the months ahead."
On a consolidated basis, the firm reported 9.2% rise in net profit to Rs 45.46 crore on a 12.57% increase in net sales to Rs 382.82 crore in Q3 December 2019 over Q3 December 2018.
Godrej Properties is engaged in construction and real estate development.
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