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Motilal Oswal Report
Godrej Properties Ltd. reported the highest ever bookings of Rs 95 billion, up 135%/66% YoY/QoQ and 47% above our estimate. In FY24, bookings stood at Rs 225b, up 84% YoY (61%/15% higher than guidance/estimate).
Sales volume for the quarter increased 56%/88% YoY/QoQ to 8.2 million square feet and realisation was up 51% YoY to Rs 11,650 psf due to higher contribution from Mumbai and the NCR.
Godrej Properties’ performance was led by new phases/project launches that generated ~77% of total sales. It launched six new project/phases with a combined saleable area of ~8 msf. Total launches stood at 21 msf in FY24.
On the back of strong response to the Kandivali project, the MMR contributed 42% to overall bookings in Q4 FY24, followed by 37% from the NCR. In FY24, the pre-sales in NCR/MMR grew 180%/114% to Rs 100 billion/Rs 65 billion.
Despite a higher base of bookings, management is confident of sustaining the growth momentum, and hence, has guided for Rs 270 billion of bookings, up 20% YoY on the back of Rs 300 billion worth of new launches.
P&L Performance: Revenue decreased 13% YoY to Rs 14.2 billion, but was higher than our estimate of Rs 5.2 billio, due to higher-than-expected completions. The company reported Ebitda of Rs 1.2 billion, down 65% YoY and profit after tax grew 5% YoY to Rs 4.7 billion, aided by other income of Rs 4.9 billion.
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