Godrej Properties shares gain by nearly 16 pc on robust sales bookings

Shares of realty firm Godrej Properties on Tuesday zoomed nearly 16 per cent after the company reported 11 per cent rise in sales bookings during the last fiscal despite a slowdown in the sector.

The scrip gained 15.62 per cent to close at Rs 701.90 on the BSE. During the trade, it jumped 17.62 per cent to Rs 714.10.

At the NSE, it rose sharply by 15.34 per cent to close at Rs 701.35.

Godrej Properties on Monday reported an 11 per cent increase in its sales bookings at Rs 5,915 crore during the last fiscal year despite a slowdown in residential real estate.

Out of total sales bookings, the residential segment contributed Rs 5,840 crore, up 14 per cent from 2018-19.

"Given the uncertainty in economic conditions with the unfolding global response to COVID-19, we believe it prudent to present a Q4 and FY20 operational update.

"Total booking value for FY20 is up 11 per cent YoY (year-on-year) at Rs 5,915 crore with residential sales increasing by 14 per cent YoY to Rs 5,840 crore comprising of over 7,300 homes sold," Godrej Properties said in a regulatory filing.

During the quarter ended March, Godrej Properties sales bookings stood at Rs 2,380 crore, up 10 per cent from the year-ago period.