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Dolat Capital Report
The key highlight was the guidance delivery on the execution front with more than 10 million square feet of project deliveries in FY23 (Q4 FY23: 7.6 msf). This aided overall Q4 FY23 collections of Rs 38.2 billion (up 52% YoY and up 127% QoQ); accounting for more than 40% of full year collections of Rs 89 billion.
Godrej Properties Ltd.'s core free cash flow (ex-growth capex but adjusted for joint venture projects) for the quarter came-in strong at Rs 8.6 billion (up 102% YoY and +230% QoQ).
Presales achieving its best quarter at Rs 40.5 billion taking FY23 sales at Rs 122 billion and beating full year guidance by +20%. Notably full year presales growth (YoY) of 79% / 190% in Mumbai Metropolitan Region / Bengaluru implies market share gains.
New business development activity came-in at Rs 57.5 billion for the quarter. This takes full year BD activity to 29 msf amounting to a gross development value of Rs 320 billion.
Outlook remains strong with the Godrej Properties' management guiding to add Rs 150 billion of GDV in FY24.
Overall, the execution gap to peers is narrowing with more than 10 msf of project completion versus last five year average of 5-6 msf and FY24 guidance at 12.5 msf.
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