Mumbai, Oct. 28 -- Godrej Properties is projected to achieve sales bookings of Rs. 415 bn in FY27, representing 22 per cent growth and exceeding its guidance of Rs. 390 bn. The company attributed the outlook to sustained consumer demand for residential projects across all its markets.

Chairperson Pirojsha Godrej said the company remained on track to meet or exceed its annual targets for sales bookings, project launches, customer collections, project deliveries and land acquisition. Sales bookings in the first half of the financial year rose 7 per cent to Rs. 166.59 bn from Rs. 155.87 bn in the year-ago period.

The company has projected second-half sales of between Rs. 225 bn and Rs. 250 bn. Its sales in the previous financial year stood at Rs. 341.71 bn. Godrej said demand remained steady across the broader Indian housing market despite global economic uncertainty linked to the West Asia crisis.

Sustenance sales, or bookings from ongoing projects, increased 83 per cent year on year to Rs. 50.54 bn in the September quarter. The company also expects the October-December quarter to be its strongest ever for sales, supported by planned launches in Mumbai, Gurugram, Thane, Noida and Greater Noida.

Godrej Properties plans to fund construction of existing projects and land acquisition through internal accruals while generating free cash flow and targeting a 20 per cent return on equity. The company develops housing projects in the Mumbai Metropolitan Region, Delhi-NCR, Pune, Bengaluru and Hyderabad, and offers residential plots in several states.

The company reported a 62 per cent fall in consolidated net profit to Rs. 1.54 bn for the September quarter, compared with Rs. 4.05 bn a year earlier, as expenses increased. Total income rose to Rs. 25.72 bn from Rs. 19.5 bn, while expenses increased to Rs. 24.77 bn from Rs. 13.01 bn. First-half net profit declined 50 per cent to Rs. 5.04 bn, while income rose to Rs. 39.17 bn. Since 2018, the company has completed projects covering more than 80 mn sq ft.

Published by HT Digital Content Services with permission from Construction World.