Analysts Expect Godrej Properties To Growth At A 'Rapid Rate' After Record Q4

Here's what brokerages have to say about the company's Q4 FY22 results.

Jefferies

• Maintains 'buy', raises target price to Rs 2,100 from Rs 2,000, an implied return of 29.97%.

• Firm delivered a strong Q4 with pre-sales, cash collections and reported profits at a record.

• Management is aiming for pre-sales to cross Rs 10,000 crore in FY23 and a strong launch pipeline of 21 msf should help deliver it.

• New project additions at 6 msf were strong; though low gearing and a still early-stage housing cycle means much more should be done in FY23.

Motilal Oswal

• Maintains 'neutral', cuts target price to Rs 1,750 from Rs 1,800, still an implied return of 8.31%.

• Firm reported highest-ever quarterly sales and annual pre-sales and collections, in line with expectations.

• Value of bookings also rose 17% to Rs 7,860 crore in FY22, a record.

• Raises FY23/24 pre-sales estimate by 1%/2%.

• Expects the company to continue to grow at a healthy pace.

• MMR and Bengaluru remain the company's top priorities, while it also pursues new project additional opportunities in key focus markets.

• New project additions outside its four core markets will mostly be under the plotted development category.

ICICI Securities

• Maintains 'sell', raises target price from Rs 1,205 to Rs 1,215, an implied return of 24.80%.

• New launches across existing/new projects drove the bounce back in gross sales booking in Q4.

• The company's strong launch pipeline heading into FY23 bodes well for growth prospects.

• The company's decision to mitigate cost inflation by dialling in single-digit price hike is a positive.

• The firm's outlook for FY23E remains strong as it targets Rs 10,000 crore in FY23E sales bookings.