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ICICI Securities has sell call on Godrej Properties with a target price of Rs 1215. The current market price of Godrej Properties is Rs 1601.7.

Godrej Properties, incorporated in the year 1985, is a Large Cap company (having a market cap of Rs 44915.92 crore) operating in Real Estate sector.

Godrej Properties key Products/Revenue Segments include Income From Real Estate Development, Sale of services, Other Operating Revenue and Lease Rentals for the year ending 31-Mar-2021.

Financials

For the quarter ended 31-12-2021, the company has reported a Consolidated Total Income of Rs 466.91 crore, up 39.70% from last quarter Total Income of Rs 334.22 crore and up 50.07% from last year same quarter Total Income of Rs 311.12 crore. Company has reported net profit after tax of Rs 106.89 crore in latest quarter.

Investment Rationale
Godrej Properties (GPL) clocked record Q4FY22 gross sales bookings worth Rs 32.5 billion (I-sec estimate of Rs 32 billion) led by nine new launches across existing/new projects which contributed Rs 19.8 billion or 61% of Q4FY22 sales. This led to record sales bookings of Rs 78.7 billion in FY22 (up 17% YoY). Heading into FY23E, GPL has a strong launch pipeline of 21.4 msf in FY23E (10.3 msf from new projects and 11.1 msf from new phases in existing projects) and expects to cross over Rs 100 billion of FY23E sales bookings (I-sec estimate of Rs 126 billion).

The brokerage retained SELL rating with a revised target price of Rs 1,215 (earlier Rs 1,205). Key risks to our call are a stronger-than-expected uptick in GPL’s sales volumes and double-digit price growth, it said.

Promoter/FII Holdings
Promoters held 58.43 per cent stake in the company as of 31-Mar-2022, while FIIs owned 30.17 per cent, DIIs 2.77 per cent.

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