Godrej Properties sees FY22 sales bookings beating last year's record

Godrej Properties expects its sales booking this fiscal to surpass the last year's record Rs 6,725 crore despite the outbreak of second wave of Covid and hopes to cross Rs 10,000 crore mark in the next financial year.

Mumbai-based Godrej Properties expects "muted" sales in the AprilJune quarter because of the ongoing second wave of coronavirus disease and lockdown in various parts of the countries, its Executive Chairman Pirojsha Godrej said in a call with analysts.

The company's sales bookings grew 14 per cent to an all-time high of Rs 6,725 crore during the last financial year, despite overall demand slowdown in the market because of the pandemic.

It achieved sales bookings of over Rs 1,300 crore each across four major markets -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru and Pune.

Asked about the sales booking's target for the 2021-22 fiscal year in an analyst's call, Pirojsha Godrej said: "... I think as we sit in the middle of this crisis, it is a little difficult to project that with much accuracy." "Our best estimate currently would be that we will see muted first quarter given what is happening," Godrej was quoted as saying in conference call transcript.

However, he said the muted sales in the first quarter could be compensated in the remaining nine months of this fiscal as it happened during 2020-21.

"But as we saw last year, that can be quite quickly made up for new launches and increased momentum once things turn more positive, which we expect will from the second quarter," Godeej said.

"We certainly expect to deliver booking value growth over FY 2021. Whether that growth is relatively modest or very high, I think it's a little hard to say given the current environment," he added.

Muted sales in first quarter could be compensated in remaining nine months of this fiscal as it happened in 2020-21