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Motilal Oswal Report
Godrej Properties Ltd. reported bookings of Rs 50 billion in Q2 FY24, up 109%/133% YoY/QoQ (27% above our estimate). Sales volume surged 93%/133% YoY/QoQ to 5.24 million square feet.
Blended realisations improved 8% YoY but declined 4% sequentially to Rs 9,600/sqft due to relatively higher contribution from the plotted projects, which have lower realisations.
Unlike Q1 FY24, pre-sales during the quarter were largely driven by new phases/project launches, which generated 80% of total sales.
Godrej Properties launched seven new projects/phases with combined saleable area of ~5 msf.
Godrej Properties has indicated a launch pipeline of ~22 msf for FY24 of which 6 msf have been launched in H1 FY24. Management reiterated its guidance to exceed Rs 140 billion pre-sales in FY24. We expect the company to clock bookings of Rs 150 billion.
Revenue jumped 108% YoY to Rs 3.4 billion versus our estimate of Rs 2.2 billion fueled by higher-than-expected project recognition. It reported an operating loss of Rs 0.7 billion. Profit after tax grew 8% YoY to Rs 726 million aided by other income of Rs 2.6 billion.
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