ICICI Securities: Godrej Properties - Sailing Against The Tide
ICICI Securities: Godrej Properties - Sailing Against The Tide
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ICICI Securities Report
Godrej Properties Ltd. clocked impressive Q1 FY21 gross sales bookings worth Rs 15.3 billion (up 71% YoY) in a quarter which has been a washout for residential sales at an industry level owing to Covid-19.
Sales were driven by Godrej Properties’ 10-90 builder subvention scheme (80% of overall sales) and non-resident Indians demand (50% of overall sales).
Q1 FY21 collections of Rs 4.2 billion were at approximately 40% of pre-Covid-19 levels along expected lines which led to net debt levels rising by Rs 5.9 billion QoQ to Rs 17.5 billion.
While Godrej Properties’ FY21 operating cash flows may remain weak, the company remains comfortably placed with cash reserves of Rs 22 billion as of June 2020 and is targeting YoY growth in FY21 sales bookings on the back of approximately 15 million square feet of planned launches in FY21
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