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Dolat Capital Report
Godrej Properties Ltd. reported Q1 FY23 presales of Rs 25 billion; up four times YoY and down 22% QoQ while missing our estimate of Rs 29 billion.
Notably Mumbai Metropolitan Region registered the highest quarterly sales of Rs 10 billion aided by two new launches – Wadala and Thane.
Business development activity was relatively muted (Rs 18 billion gorss development value signed including Carmichael road) given the scale and strength of Godrej Properties’ balance sheet. However, the developer remains confident of achieving Rs 100 billion presales guidance for FY23 with ~20 million square feet of new projects / phases planned for launch.
Cashflow profile remained weak with net operating cash flow standing at Rs 0.2 billion and net debt rising to ~Rs 10 billion (up 106% QoQ).
Overall, a mixed bag with weak cash generation offsetting healthy presales print. We view growth with high profitability will be a challenge for Godrej Properties given rising pan India competition.
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