Godrej Properties Q2 Results Review - Performance Improvement On Track, But Valuations Fair: Motilal Oswal

Motilal Oswal Report

Sales bookings fell 6% YoY and 4% QoQ to Rs 24 billion in Q2 FY23. The same came in 10% above our estimate. With that, Godrej Properties Ltd. has reported its highest ever first half sales of Rs 49 billion in H1 FY23.

Sales volume declined by 25% YoY and 4% QoQ to 2.7 million square feet. Blended realisations were flat QoQ, but rose 25% YoY to Rs 8,883/square feet.

The company launched four projects, of which two were in National Capital Region, with one each in Bengaluru and Pune. These projects contributed 37% to total bookings, with 40% of launched inventory sold in Q2 FY23.

Godrej Properties reported an improvement in cash flow, with collections up 39% YoY and 24% QoQ at Rs 22 billion. Operating cash flows (after interest and tax) stood at Rs 5.4 billion versus a negative operating cash flow of Rs 0.7 billion in Q1 FY23.

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