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ICICI Securities Report
Along expected lines, Godrej Properties Ltd.’s Q1 FY22 gross sales bookings worth Rs 5.0 billion declined 68% YoY and 81% QoQ owing to second Covid-19 wave impact and absence of subvention schemes and new launches during the quarter.
However, sales bookings have picked up again from July 2021 onwards and with four to five planned launches in Q2 FY22E, we expect Godrej Properties to achieve a 7% YoY growth in FY22 sales bookings.
With Rs 41 billion of cash and liquid investments as of June 2021 post the recent qualified institutional placement (net cash of Rs 0.2 billion), the company is well positioned to augment its land bank.
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