Godrej Properties

₹1544.9 -35.6 | 2.3%

WEBSITE BSE:533150 NSE : GODREJ PROP 28 Sep, 16:01

Market Cap ₹43032 Cr.

Stock P/E 66.0

P/B 4.6

Current Price ₹1544.9

Book Value ₹ 336

Face Value 5

52W High ₹1768.8

Dividend Yield 0%

52W Low ₹ 1005.7

Edit Ratio

Godrej Properties Research see more...

Overview Inc. Year: 1985Industry: Construction - Real Estate

Godrej Properties Limited is an India-based real estate organisation. The Company is engaged mostly in the business of property construction, improvement and different associated activities. The Company focuses on growing residential and industrial tasks. It operates in about 12 domestic places. The Company operates in India across cities along with Mumbai, Pune, Kolkata, Nagpur, Chennai, National Capital Region (NCR), Bangalore, Ahmedabad, Mangalore and Chandigarh.

Godrej Properties Share Price

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Peer Comparison

Godrej Properties Quarterly Results

#(Fig in Cr.)	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Net Sales	433	86	129	279	1331	245	165	196	1646	936
Other Income	143	176	205	188	192	182	204	208	193	330
Total Income	576	262	334	467	1523	426	369	405	1839	1266
Total Expenditure	587	150	185	284	1073	259	232	213	1300	1085
Operating Profit	-11	112	149	183	450	168	137	192	539	181
Interest	41	42	41	42	43	34	41	46	54	30
Depreciation	5	5	5	5	6	5	6	6	7	7
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	-57	66	102	136	401	128	91	139	478	144
Provision for Tax	67	19	23	29	96	33	-19	45	116	59
Profit After Tax	-123	47	80	107	306	95	109	95	363	85
Adjustments	-68	-30	-44	-68	-45	-49	-54	-36	50	40
Profit After Adjustments	-192	17	36	39	260	46	55	59	412	125
Adjusted Earnings Per Share	-6.9	0.6	1.3	1.4	9.4	1.6	2	2.1	14.8	4.5

Godrej Properties Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1037	1179	1843	2123	1583	1604	2817	2441	765	1825	2252	2943
Other Income	10	79	83	129	118	499	405	473	568	761	787	935
Total Income	1048	1258	1927	2252	1701	2102	3222	2915	1333	2586	3039	3879
Total Expenditure	751	901	1586	1986	1330	1783	2639	2096	1098	1692	2005	2830
Operating Profit	296	358	341	266	371	320	583	819	235	894	1034	1049
Interest	3	4	5	41	104	150	234	220	185	167	174	171
Depreciation	4	6	10	14	15	16	14	21	20	21	24	26
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	289	347	326	211	253	153	334	578	30	516	795	852
Provision for Tax	92	111	90	68	78	30	95	219	104	166	175	201
Profit After Tax	197	236	236	143	175	123	239	359	-73	351	621	652
Adjustments	-59	-77	-45	15	32	-37	14	-89	-116	2	-49	0
Profit After Adjustments	138	159	191	159	207	87	253	271	-189	352	571	651
Adjusted Earnings Per Share	8.2	8	9.6	7.3	9.6	4	11	10.7	-6.8	12.7	20.6	23.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	23%	-3%	7%	8%
Operating Profit CAGR	16%	8%	26%	13%
PAT CAGR	77%	20%	38%	12%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	34%	20%	21%	25%
ROE Average	7%	3%	7%	9%
ROCE Average	7%	5%	7%	7%

Godrej Properties Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	1429	1793	1847	1765	2004	1210	2469	4808	8320	8675	9264
Minority's Interest	106	203	228	0	0	0	0	0	0	-2	23
Borrowings	376	286	567	500	475	500	500	0	1000	1000	0
Other Non-Current Liabilities	146	134	262	-117	-153	-629	-503	-331	-131	-194	-300
Total Current Liabilities	2913	4061	4871	4308	4696	6550	5111	5264	6777	8016	13786
Total Liabilities	4969	6478	7776	6456	7022	7631	7577	9742	15966	17496	22774
Fixed Assets	51	64	117	107	102	110	94	103	151	149	185
Other Non-Current Assets	349	331	532	496	611	1200	1963	1994	2731	2251	2416
Total Current Assets	4569	6083	7126	5853	6309	6321	5520	7645	13083	15096	20173
Total Assets	4969	6478	7776	6456	7022	7631	7577	9742	15966	17496	22774

Godrej Properties Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	503	168	860	-89	37	-189	-500	-24	-2	269	179
Cash Flow from Operating Activities	121	-689	-941	490	-344	1155	478	-232	-671	-452	-2861
Cash Flow from Investing Activities	-15	-185	-96	186	-196	-973	-981	-1721	-3322	124	2488
Cash Flow from Financing Activities	-442	1566	852	-554	315	-493	970	1974	4259	235	832
Net Cash Inflow / Outflow	-336	692	-184	122	-225	-311	467	21	266	-93	460
Closing Cash & Cash Equivalent	168	860	676	37	-189	-500	-24	-2	269	179	715

Godrej Properties Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	8.24	8.04	9.58	7.33	9.56	4.01	11.04	10.73	-6.81	12.68	20.55
CEPS(Rs)	12.01	12.21	12.32	7.29	8.76	6.45	11.06	15.06	-1.93	13.38	23.19
DPS(Rs)	2	2	2	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	84.93	92.45	92.4	81.43	92.44	55.7	107.44	190.53	299.15	311.92	332.96
Core EBITDA Margin(%)	27.56	23.61	13.96	6.44	15.96	-11.16	6.32	14.15	-43.58	7.3	10.99
EBIT Margin(%)	28.14	29.84	17.94	11.87	22.53	18.93	20.17	32.69	28.14	37.47	43.05
Pre Tax Margin(%)	27.85	29.46	17.69	9.96	15.97	9.57	11.86	23.68	3.98	28.29	35.31
PAT Margin (%)	19.02	20.04	12.78	6.76	11.06	7.7	8.49	14.71	-9.57	19.21	27.55
Cash Profit Margin (%)	19.45	20.53	13.32	7.43	11.98	8.7	9	15.55	-7.02	20.38	28.63
ROA(%)	4	4.13	3.31	2.02	2.6	1.69	3.15	4.15	-0.57	2.1	3.08
ROE(%)	13.76	14.5	12.82	7.96	9.31	7.7	13.04	9.88	-1.12	4.13	6.92
ROCE(%)	8.8	9.42	6.82	4.93	6.56	5.57	10.43	11.01	2.02	5.14	6.59
Receivable days	62.22	41	32.64	29.37	46.43	44.04	20.47	44.3	163.07	44.24	44.65
Inventory Days	1051.16	1077.47	837.09	743.74	909.57	876.19	385.04	324.13	1652.63	1047.04	1437.61
Payable days	465.58	331.93	174.08	137.7	187.74	111.3	46.64	112.93	1006.91	635.27	824.52
PER(x)	29.84	26.53	26.23	40.41	40.34	180.81	73.77	56.15	0	131.91	50.14
Price/Book(x)	2.9	2.31	2.72	3.64	4.17	13.03	7.58	3.16	4.71	5.36	3.1
Dividend Yield(%)	0.76	0.94	0.8	0	0	0	0	0	0	0	0
EV/Net Sales(x)	5.44	5.03	4.23	4.44	7.71	11.9	7.75	7.53	56.19	27.54	14.65
EV/Core EBITDA(x)	19.03	16.59	22.89	35.42	32.9	59.7	37.5	22.47	183.06	56.22	31.9
Net Sales Growth(%)	34.68	13.7	56.3	15.17	-25.43	1.31	75.68	-13.34	-68.67	138.57	23.42
EBIT Growth(%)	43.16	20.56	-6.01	-23.83	41.58	-14.88	87.21	40.44	-73.03	217.65	41.78
PAT Growth(%)	53.19	19.77	-0.3	-39.12	22.1	-29.5	93.75	50.11	-120.39	578.7	77.04
EPS Growth(%)	41.35	-2.42	19.06	-23.44	30.36	-58	174.97	-2.76	-163.45	286.12	62.13
Debt/Equity(x)	1.18	1.4	1.89	1.77	1.99	3.07	1.43	0.77	0.54	0.59	0.69
Current Ratio(x)	1.57	1.5	1.46	1.36	1.34	0.97	1.08	1.45	1.93	1.88	1.46
Quick Ratio(x)	0.46	0.58	0.49	0.45	0.5	0.4	0.65	1.05	1.22	1.18	0.59
Interest Cover(x)	97.25	78.54	69.92	6.21	3.44	2.02	2.43	3.63	1.16	4.08	5.56
Total Debt/Mcap(x)	0.41	0.61	0.7	0.49	0.48	0.24	0.19	0.24	0.12	0.11	0.22

Godrej Properties Shareholding Pattern

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	58.44	58.43	58.43	58.43	58.43	58.43	58.48	58.48	58.48	58.48
FII	28.2	28.07	30.02	29.85	28.38	27.73	27.5	27.41	27.09	28.85
DII	5.21	5.14	4.33	4.09	4.56	4.92	4.54	4.55	4.69	4.3
Public	8.15	8.36	7.22	7.63	8.63	8.92	9.48	9.55	9.74	8.36
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023
Promoter	16.24	16.24	16.24	16.24	16.24	16.24	16.26	16.26	16.26	16.26
FII	7.84	7.8	8.35	8.3	7.89	7.71	7.65	7.62	7.53	8.02
DII	1.45	1.43	1.2	1.14	1.27	1.37	1.26	1.27	1.3	1.2
Public	2.26	2.32	2.01	2.12	2.4	2.48	2.63	2.65	2.71	2.32
Others	0	0	0	0	0	0	0	0	0	0
Total	27.79	27.8	27.8	27.8	27.8	27.8	27.8	27.8	27.8	27.8

Pros

Company has delivered good profit growth of 38% CAGR over last 5 years
Company has reduced debt.

Cons

Company has a low return on equity of 3% over the last 3 years.
Debtor days have increased from 635.27 to 824.52days.
Stock is trading at 4.6 times its book value.
Earnings include an other income of Rs. 787 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.