Godrej Properties trades 3% lower on Q1 earnings, brokerages keep ‘buy’ tag

The real estate developer on August 2 reported about a three-fold jump in consolidated net profit at Rs 125 crore for the April-June quarter.

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Godrej Properties shares were down 3.3 percent at Rs 1,605 in early trade on August 3, a day after the company reported its earnings for the quarter ended June 2023.

The real estate developer on August 2 reported about a three-fold jump in consolidated net profit at Rs 125 crore for the April-June quarter from Rs 46 crore a year ago. Sequentially, the profit fell 70 percent during the quarter under review.

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The company delivered 4.9 million square feet area in the June quarter and collections grew 26 percent to Rs 1,954 crore in Q1FY24.

The company also plans to raise Rs 2,000 crore in one or more tranches, through the issue of non-convertible debentures (NCDs) and bonds on a private placement basis.

Foreign broking house Jefferies has given a buy rating to the stock and raised its target to Rs 2,050 per share. The key positive factors from Q1 results were the deliveries of a 4.9 million square feet (msf) project. However, pre-sales were off to a subdued start in Q1, but it is expected that launches will pick up from Q2 onwards. This is likely to put Godrej Properties on track to achieve a 20% year-on-year (YoY) growth.

Despite the positive outlook, there are some concerns. The net gearing is at a 10-quarter high, likely due to the spree of adding 50 msf projects, but the operating cash flow is picking up.

The improving profit delivery should drive a re-rating.

Despite the miss on estimate, Motilal Oswal retained FY24/FY25 pre-sales as the company kept its launch pipeline unchanged and also indicated about the possibility of launching projects, which are not currently part of the pipeline.

The company further added Rs 64.5 billion of projects during the quarter and remains on track to add Rs 150 billion of projects in FY24, which will continue to provide strong visibility on pre-sales growth.

The broking house increased the target price to Rs 1,915, implying 15% upside and reiterated buy rating on the stock.