Motilal Oswal's research report on Godrej Properties
GPL’s pre-sales volume for 3QFY25 declined 6% YoY (-21% QoQ) to 4.1msf, resulting in a pre-sales value of INR54.5b (-5% YoY/5% QoQ). Notably, 77% of the contribution came from newly launched projects. For 9MFY25, presales were up 48% YoY to INR193b. In 3QFY25, GPL launched seven projects across four cities, with a total cumulative saleable potential of 2.2msf, and delivered 2.6msf.
Outlook
We reiterate our BUY rating with a revised TP of INR3,435 (previously INR3,724), implying a 44% potential upside. The reduction in TP is due to dilution as a result of the QIP issue.
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