Motilal Oswal's research report on Godrej Properties
GPL reported its highest ever pre-sales of INR225b in FY24, up 84% YoY (61% higher than guidance), becoming the largest developer in terms of bookings. The performance was mainly led by new launches, which increased by 65% to INR230b in FY24, of which 70% were absorbed during the year and contributed 70% to total pre-sales. Sales volume increased by 31% YoY to 20msf, while realization rose 40% YoY, driven by a higher contribution from high-realization markets of NCR and MMR and enhanced positioning in the premium segment. Pre-sales in NCR trebled to INR100b, driven by INR100b worth of new launches, and contributed 45% to total bookings. Pre-sales in MMR rose over two-fold to INR65b, led by INR88b worth of launches.
Outlook
We reiterate our BUY rating with an increased TP of INR3,600, implying 16% potential upside.
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