In comparison to its full-year forecast, Godrej Properties’ bookings for FY 2022–23 increased by 56% to INR 12,232 crore ($1.6 billion), or 22% more. Sales volumes increased by 19% sequentially and 40% year over year to total 15.21 million square feet. Cash receipts for the developer increased 41% to INR 8,991 crore during the fiscal year.

With roughly 29 million square feet of projected saleable space and a total anticipated booking value of INR 32,000 crore, the company added 18 new projects. This comprised five brand-new projects with a March quarter booking value estimated at INR 5,750 crore.

The fourth quarter sales volume for the real estate developer Godrej Properties increased by 19% from 4.42 million square feet (sq ft) to 5.25 million sq ft, while the same figure for the entire financial year increased by 40% from 10.84 million sq ft to 15.21 million sq ft.

Collections for its fourth fiscal quarter of FY23 totaled Rs 3,822 crore, representing a sequential growth of 127% and an annual growth of 52%.

After this update, the real estate company’s shares rose sharply. As of 10:20 a.m. on BSE, the counter had increased 5.57 percent to Rs 1187.95.

Additionally, the company delivered projects totaling more than 10 million square feet across five locations in FY23, including 7.6 million square feet in Q4, for its highest-ever quarterly and annual project deliveries.

“Our sales bookings increased by 56%, enabling us to record total bookings for FY 23 of $12,232 crore, 22% more than we had anticipated for the entire year. We are happy that this revenue gain for the year was supported by both stronger volume growth of 40% and an enhanced project mix. Importantly, our strong sales performance has resulted in record collections growth of 41% to Rs 8,991 crore, supported by strong project completions of more than 10 million square feet, according to a statement from Gaurav Pandey, MD & CEO of Godrej Properties.

Godrej Properties added 18 projects in FY23, with an estimated saleable area of roughly 29 million square feet and an expected booking value of Rs 32,000 crore, more than double the BD projection of Rs 15,000 crore for the estimated booking value for FY23. In Q4 of 2018, 5,750 crores in new project bookings were anticipated.

Motilal Oswal raised the stock to buy in response to its performance. As a result of the broker taking recent project additions into account, its pre-sales projections for FY24E and FY25 increased by 23 and 44 percent, respectively.

The business is on track to reach its pre-sales target of Rs 20,000 crore by FY26, according to the statement, with the addition of yet another anticipated good year of projects in FY24.

Motilal expects a 40% increase from the most recent closing, with a 12-month target price of Rs 1,575.