Godrej Properties (GPL) reported a subdued quarter as its pre-sales volumes declined 7% YoY / 39% on a sequential basis. Better realizations led to marginal growth YoY in value terms. Collections improved on both a YoY/QoQ basis and led to positive operating cash generation (post interest, tax, and JV adjustments). GPL utilized INR7b of its balance QIP money for land and approval-related payouts.
Outlook
The company announced its intention to invest in DB Realty (DB, not rated) through convertible warrants in order to explore slum rehabilitation (SRA) and Maharashtra Housing and Area Redevelopment Authority (MHADA) redevelopment opportunities through a JV under a separate SPV. With 90msf of the executable pipeline and INR40b of surplus cash, we expect the scale-up in pre-sales and cash flows would continue. However, at 3.3x P/NAV, we believe the larger part of the growth is baked into the valuation. Furthermore, the partnership with DB Realty would be a nearterm overhang until there is project visibility. We maintain our NEUTRAL rating on the stock, with revised SoTP-based TP of INR 1,800 v/s INR 2,100 earlier.
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