Moneycontrol PRO
Upcoming Event:Attend Algo Convention Live, 2 Days & 12+ Speakers at best offer Rs.999/-, exclusive for Moneycontrol Pro subscribers. Register now!

Neutral Godrej Properties; target of Rs 1750: Motilal Oswal

Motilal Oswal recommended Neutral rating on Godrej Properties with a target price of Rs 1750 in its research report date May 03, 2022.

May 05, 2022 / 12:53 PM IST
  • bselive
  • nselive
Todays L/H

Motilal Oswal's research report on Godrej Properties

GPL delivered a strong operational performance in 4QFY22, with sales bookings up 23% YoY to INR32.5b - its highest ever, but in line with our estimate. Volumes were flat YoY at 4.2msf, while realizations rose 22% to INR7,700/sq. ft. Value of bookings increased by 17% YoY to INR78.6b in FY22, which was also a record, while sales volume remained flat at 10.8msf. GPL launched nine projects/phases with a total saleable area (TSA) of 5.7msf, of which 50% was sold in 4QFY22. In FY22, the company launched 10msf against 16msf of planned projects. Collections were also the highest ever in 4Q/FY22 at INR29b/INR78b (up 44%/78% YoY). OCF after interest, taxes, and JV adjustments were flat YoY at INR4.3b. Net off INR5.7b of land payout, the company had a cash burn of INR1.5, which led to rise in net debt to INR4.6b. The company delivered 5.8msf of projects in 4QFY22, which led to a significant improvement in P&L recognition. Revenue trebled YoY to INR13.3b and led to an EBITDA/PAT of INR2.6b v/s a loss in 4QFY21.


We raise our WACC assumption as we incorporate a higher risk free rate (7.1% v/s 6.5% earlier). Our TP decreases to INR1,750 from INR1,800 earlier, indicating an upside potential of 8%. We maintain our Neutral rating.

For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

Broker Research
first published: May 5, 2022 12:53 pm
ISO 27001 - BSI Assurance Mark