Godrej Properties Ltd.

March 2022 Quarterly Result Quick Snapshot CMP: 1612

Sector - Real Estate Not Rated

Particulars 31-Mar-22 Estimates 31-Mar-21 YoY (%) 31-Dec-21 QoQ (%)

Sales 1,331 499 433 207.4 279 377.1
EBITDA 211 -23 -222 -195.0 -73 -389.0
EBIT 205 NA -227 -190.3 -78 -362.8
OPM (%) 15.9 -4.5 -51.3 _ -26.2 _

PAT 260 -77 -192 NM 39 566.7

Rs. Cr, Consolidated

Sales Trend (Rs. Cr) EBITDA Trend (Rs. Cr)

1500 1,331 300
1,163 211
200 128
1000 100
0
500 433 -100
-84 -59 -73
279 -84 -93 -100
170 129 -200
72 90 86
0 -300 -222
Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22

OPM Trend (%) PAT Trend (Rs. Cr)

50.0 300 260
11.0 15.9 200
0.0 102
100 36 39
7 14 17
-50.0 -34.7 -26.2 0
-51.3
-100 -19
-100.0 -77.5
-93.3 -200
-116.7 -108.1 -192
-150.0 -300
Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22

Operational Parameters Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22

Area Sold (msf) 2.4 4.2 0.8 3.6 2.2 4.2
Sale Value (Rs. Cr) 1,488 2,632 497 2,574 1,541 3,248

Earnings & Valuations Sales EBITDA OPM (%) PAT P/E (x) P/S (x) ROE (%)
FY22A 1,825 133 7.3 352 128.0 24.6 4.1
FY23E 1,877 217 11.5 617 74.1 23.9 5.9
FY24E 2,167 367 16.9 788 58.1 20.7 8.3
FY25E 2,303 621 26.9 770 47.9 19.5 11.1
Earnings in Rs. Cr

Stock Vs Index (%) CMP 1M 3M 6M 12M 2Y Absolute 3Y Absolute

Godrej Properties Ltd 1,612 -2.5 -1.7 -32.5 27.7 165.2 100.4
Nifty 50 17,074 -5.4 -2.8 -4.7 17.8 83.7 45.8
Source: ABM Research, Bloomberg

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 Research Team
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