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Motilal Oswal Report
Godrej Properties Ltd. completed H1 FY25 with a strong performance across key operational parameters of pre-sales and cash flows. With a strong launch pipeline, it remains on track to achieve/surpass its full-year pre-sales guidance. Thus, we keep our FY25/FY26 pre-sales estimates unchanged.
While gross margin has sustained at a healthy 35-40% for recognized projects in P&L, the higher scale of operations has led to a proportionately high overhead increase, leading to subdued operating profits.
We expect sales booked in the last two years with a better margin profile and outright ownership will be recognized after FY26/FY27, which will allay investor concerns.
We believe Godrej Properties will continue to surprise on growth, cash flows, and margins, given its strong pipeline and healthy realizations, which have been the key investor concerns.
We maintain our Buy rating with an target price of Rs 3,725, implying 26% potential upside.
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