February 08, 2017 / 16:59 IST
Q3FY17 results of Godrej Properties (GPL) beat our estimates, driven by earlier recognition of ‘The Trees’ project. The company defied expected demonetisation‐led sales slowdown by reporting an uptick in new sales, driven by strong response to its new launches during the quarter. We expect strong operations going ahead given its new launch pipeline and ability to leverage its brand name to augment project portfolio.
Outlook
Key stock catalysts include ‐ new project launches, quick liquidation of balance commercial inventory, new project additions and overall demand pick up. Stock valuations appear reasonable with the stock at current levels trading at 30% discount to our FY18E NAV of INR 530. Maintain ‘BUY/SP’.
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