Motilal Oswal's research report on Godrej Properties
GPL’s FY22 annual report highlights: a) its target to achieve pre-sales of INR100b, driven by a very robust launch pipeline; b) leveraging its strong Balance Sheet to pursue business development; and c) continued adoption of sustainability measures. GPL for the first-time achieved sales bookings of USD1b, ending FY22 with a booking value of INR78b, up 17% YoY. NCR generated sales of INR32b, representing 41% of overall bookings. GPL has significant upcoming launches in this market in FY23, including its premium project at Ashok Vihar, Delhi. The management’s aims to achieve INR100b of sales in FY23, which will translate in 27% YoY growth. GPL also aims to deliver another record fiscal in terms of collections and cash flows.
Outlook
We had lowered our TP to INR1,300 in our 1QFY23 strategy preview note to incorporate higher risk free rate and lower terminal growth assumption (to 3% from 5%) as we await further clarity on the business development front beyond FY23. Reiterate Neutral rating on the stock.
More Info
At 17:30 Godrej Properties was quoting at Rs 1,449.70, up Rs 6.65, or 0.46 percent.
It has touched an intraday high of Rs 1,471.45 and an intraday low of Rs 1,443.10.
It was trading with volumes of 22,635 shares, compared to its thirty day average of 29,289 shares, a decrease of -22.72 percent.
In the previous trading session, the share closed up 2.18 percent or Rs 30.80 at Rs 1,443.05.
The share touched its 52-week high Rs 2,598.00 and 52-week low Rs 1,130.20 on 14 October, 2021 and 20 June, 2022, respectively.
Currently, it is trading 44.2 percent below its 52-week high and 28.28 percent above its 52-week low.
Market capitalisation stands at Rs 40,301.71 crore.
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