Godrej Properties (GPL) FY23 annual report highlights key strategic objectives

Godrej Properties (GPL) has released its FY23 annual report, highlighting its key strategic objectives. The company aims to achieve the following:

• INR140 billion in pre-sales: GPL plans to achieve this target by launching a robust pipeline of projects. The company has a strong track record of launching successful projects, and its current pipeline is worth over INR200 billion.
• Capitalize on strong balance sheet:GPL has a strong balance sheet with a net debt-to-equity ratio of 0.1. This gives the company the financial flexibility to boost its market share through business development.
• Commitment to sustainability: GPL is committed to implementing and advancing sustainability initiatives. The company has set ambitious targets to reduce its carbon emissions and improve its water efficiency.

Outlook

GPL has made a strong start to FY24, successfully adding INR64.5 billion worth of projects. The company is on track to add INR150 billion of projects in the fiscal year. This will continue to provide strong visibility on pre-sales growth.

We reiterate our BUY rating on GPL with a target price of INR1,915. The stock is trading at a discount to its peers, and we believe that it is undervalued.

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