Godrej Properties Q3 Results Review - Strong Business Development To Drive Growth: Motilal Oswal

Motilal Oswal Report

Godrej Properties Ltd. reported its highest ever sales bookings of Rs 32.5 billion, which more than doubled YoY and were 35% ahead of estimates.

For nine months-FY23, pre-sales stood at Rs 82 billion, up 77% YoY, and exceeded Rs 78 billion of bookings reported in FY22.

Sales volume doubled YoY and spiked 63% QoQ to 4.4 million square feet. Blended realisations increased 5% YoY but declined 17% QoQ to ~Rs 7,350/square feet.

The record performance was driven by highest ever contribution from ongoing projects (2.6 msf) as launches were moderate at 2.9 msf (across four projects) and contributed 27% (Rs 8.6 billion) to overall sales.

Godrej Properties is planning to launch 6.7 msf of projects in Q4 FY23, and hence, expect another strong quarter of pre-sales performance. We increase our FY23E pre-sales to Rs 115 billion, on the back of higher-than-expected pre-sales in Q3.

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