Godrej Properties Q1 Results Review - Sales Bookings Impress, On Track To Meet FY25 Guidance: ICICI Securities

ICICI Securities Report

Godrej Properties Ltd. clocked strong Q1 FY25 gross sales bookings of 9.0 million square feet worth Rs 86.4 billion, led by 9.8 msf of launches for the quarter worth Rs 86.4 billion. Sales bookings were driven mainly by Rs 31.6 billion of sales from Godrej Woodscapes, Bengaluru, Rs 23.8 billion from Godrej Jardinia, NCR and other launches during the quarter.

Buoyed by the strong Q1 FY25 performance, Godrej Properties is poised to meet its FY25 sales booking guidance of Rs 270 billion (Rs 225 billion achieved in FY24).

We model Rs 260 billion/Rs 300 billion of sales bookings in FY25E/FY26E owing to the company’s strong launch pipeline. We retain our Sell rating given the stock’s rich valuation of 7.1 times FY26E price/book.

Our target price is unchanged at Rs 1,861 based on 1.4 times FY24 net asset value.

Key risks: Better-than-expected cash flow generation and rise in property prices.

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