Godrej Properties Q3 Results Review - On Track For Another Topnotch Performance: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Godrej Properties Ltd. reported the highest ever bookings of Rs 57 billion, up 76%/14% YoY/QoQ and 14% above our estimate. For 9M FY24, pre-sales stood at Rs 130 billion, up 59% YoY. Sales volume was flat YoY but declined 17% sequentially to 4.3 msf. Blended realisation too was at an all-time high, as it increased 79%/14% YoY/QoQ to ~Rs 13,200/sft, due to higher contributions from the premium projects.Godrej Properties’ performance was led by new phases/project launches that generated ~73% of total sales. It launched eight new project/phases with a combined saleable area of ~6.75 msf. Total launches stood at 13 msf in 9M FY24. Godrej Properties has indicated that a few of its key projects, such as Worli (MMR), Ashok Vihar (NCR), and Sarjapur (Bengaluru) are likely to be delayed. However, excluding these projects, the launch pipeline for Q4 FY24 remains strong at ~9 msf. While management has reiterated its guidance to achieve Rs 140 billion of pre-sales in FY24, we expect the company to clock bookings of Rs 195 billion. Revenue jumped 68% YoY to Rs 3.3 billion versus our estimate of Rs 1.1 billion, due to higher-than-expected sales from the completed projects. It reported an operating loss of Rs 416 million, and its profit after tax grew 11% YoY to Rs 627 million aided by other income of Rs 2.2 billion..Click on the attachment to read the full report:.Godrej Properties Q3 Results: Revenue Rises 68%, Misses Estimates.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Godrej Properties Q3 Results Review - On Track For Another Topnotch Performance: Motilal Oswal

Delivers a consecutive quarter of record bookings

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