Shares of Godrej Properties surged 8% to Rs 1,219.40 on the BSE in intraday trade on Monday after the real estate firm posted its highest-ever quarterly and annual sales. The company reported gross bookings of Rs 4,051 crore for the January-March quarter (Q4FY23). For the total FY23, the value of bookings grew 56% YoY to Rs 12,232 crore.

The stock has rebounded 21% from its 52-week low of Rs 1,005.70, which hit on March 29, 2023. During fiscal 2023, Godrej Properties underperformed, falling 38%, while the S&P BSE index rose 3.4%.

By square footage, Godrej Properties said in a bourse filing that volumes rose 19% quarter-on-quarter in the quarter, from 4.42 million square feet to 5.25 million square feet. FY23 volume growth area increased 40% from 10.84 million square feet to 15.21 million square feet.

The company added 18 new projects in FY23 with a total estimated saleable area of ​​close to 29 million sq ft and a total estimated booking value of approximately Rs 32,000 crore (or more than double the estimated booking value of Rs 15,000 crore that BD guided) 23 fiscal year). This includes five new projects with an estimated booking value of Rs 5,750 crore in the fourth quarter, Godrej Properties said in a release.

Management said sales growth this year was due to an improved project mix and strong volume growth of 40%. The strong sales performance translated into a revenue growth of 41% to Rs 8,991 crore, driven by solid project completions of over 10 million sq ft.