Godrej Properties Ltd

About

Godrej Properties Limited (GPL) is the real estate development arm of the Godrej Group, which was started in 1897 and is today one of India’s most successful conglomerates. Godrej Properties brings the Godrej Group philosophy of innovation, sustainability, and excellence to the real estate industry. [1]

Key Points

Current Saleable Area
The company has a diversified portfolio of inventory situated at different locations around India. Pune accounts for 27% of total saleable area, followed by MMR (Mumbai Metropolitan Region) (21%), Bangalore (17%), Delhi NCR (15%) & the rest 21% of saleable area is located at other locations. [1]

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  • Market Cap 55,530 Cr.
  • Current Price 1,997
  • High / Low 2,598 / 1,164
  • Stock P/E
  • Book Value 301
  • Dividend Yield 0.00 %
  • ROCE 0.63 %
  • ROE -3.38 %
  • Face Value 5.00

Pros

Cons

  • Stock is trading at 6.63 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -18.46% over past five years.
  • Company has a low return on equity of 1.77% for last 3 years.
  • Earnings include an other income of Rs.664.80 Cr.
  • Debtor days have increased from 66.38 to 113.73 days.
  • Promoter holding has decreased over last 3 years: -12.40%

Peer comparison

Sector: Realty Industry: Construction

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
340 1,053 636 260 383 1,163 72 90 170 433 86 129
379 889 519 261 367 1,035 156 174 230 655 180 230
Operating Profit -39 164 117 -1 16 128 -84 -84 -59 -222 -93 -100
OPM % -11% 16% 18% -0% 4% 11% -116% -94% -35% -51% -108% -78%
Other Income 133 150 78 135 135 125 123 161 141 143 176 205
Interest 54 65 50 57 57 56 50 49 45 41 42 41
Depreciation 4 4 5 5 5 6 4 5 5 5 5 5
Profit before tax 36 246 140 73 88 192 -15 23 31 -125 36 58
Tax % -16% 36% 36% 52% 47% 47% -31% 69% 54% -53% 52% 39%
Net Profit 42 157 90 32 47 102 -19 7 14 -192 17 36
EPS in Rs 1.82 6.83 3.57 1.25 1.85 4.06 -0.76 0.28 0.57 -6.89 0.61 1.28

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
243 452 770 1,037 1,179 1,843 2,123 1,583 1,604 2,817 2,441 765 819
365 346 650 751 897 1,586 1,986 1,330 1,819 2,639 2,181 1,214 1,294
Operating Profit -122 105 120 286 283 257 137 253 -216 178 260 -449 -475
OPM % -50% 23% 16% 28% 24% 14% 6% 16% -13% 6% 11% -59% -58%
Other Income 288 107 88 10 75 83 146 150 499 419 473 568 665
Interest 1 4 5 3 4 5 41 104 150 234 220 185 168
Depreciation 3 4 4 4 6 10 14 14 16 14 21 20 21
Profit before tax 162 204 199 289 347 326 228 284 117 348 493 -86 0
Tax % 24% 30% 35% 32% 32% 28% 30% 27% 26% 27% 44% -121%
Net Profit 123 131 98 138 159 191 159 207 87 253 271 -189 -125
EPS in Rs 6.89 7.34 4.92 6.95 8.00 9.58 7.33 9.56 4.01 11.04 10.73 -6.82 -4.43
Dividend Payout % 23% 24% 24% 23% 25% 21% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 5%
5 Years: -18%
3 Years: -22%
TTM: -52%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -191%
Stock Price CAGR
10 Years: 20%
5 Years: 46%
3 Years: 44%
1 Year: 71%
Return on Equity
10 Years: 4%
5 Years: 2%
3 Years: 2%
Last Year: -3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
70 70 78 78 99 100 108 108 108 115 126 139 139
Reserves 747 842 1,365 1,351 1,694 1,747 1,687 1,896 1,102 2,354 4,682 8,181 8,236
Borrowings 710 945 2,087 1,678 2,574 3,486 3,123 3,980 3,703 3,516 3,715 4,542 4,799
202 361 1,179 1,572 1,779 2,030 1,661 1,197 3,358 2,107 1,567 3,385 3,503
Total Liabilities 1,729 2,218 4,709 4,679 6,147 7,363 6,578 7,181 8,271 8,092 10,090 16,247 16,677
28 46 46 51 64 117 107 102 113 97 113 174 166
CWIP 0 1 19 36 62 73 1 0 71 100 163 229 262
Investments 208 0 0 0 0 0 664 760 1,454 2,637 3,571 5,243 4,909
1,493 2,170 4,644 4,593 6,021 7,173 5,807 6,319 6,633 5,259 6,243 10,600 11,340
Total Assets 1,729 2,218 4,709 4,679 6,147 7,363 6,578 7,181 8,271 8,092 10,090 16,247 16,677

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-342 -445 -1,226 121 -689 -941 490 -566 1,155 478 -232 -671
13 81 28 -15 -185 -96 191 14 -973 -971 -1,721 -3,317
398 198 1,564 -442 1,566 852 -554 335 -493 970 1,974 4,259
Net Cash Flow 69 -166 366 -336 692 -184 126 -217 -311 476 22 271

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 270 33 118 37 50 34 30 53 36 21 65 114
Inventory Days 5,457 495
Days Payable 457 56
Cash Conversion Cycle 270 33 118 37 50 34 30 53 5,035 461 65 114
Working Capital Days 1,802 1,300 1,379 981 1,064 887 636 1,070 478 263 526 2,592
ROCE % 2% 7% 6% 9% 8% 5% 5% 7% 1% 10% 9% 1%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
70.83 70.83 64.45 64.45 64.45 64.45 64.44 64.44 64.44 58.44 58.43 58.43
13.89 13.79 20.30 20.23 19.12 19.25 20.05 19.81 20.21 27.89 28.07 30.02
1.26 1.64 2.80 3.79 4.79 4.97 4.72 5.23 5.56 5.22 5.14 4.33
14.02 13.74 12.45 11.53 11.64 11.33 10.79 10.52 9.79 8.45 8.36 7.22

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