Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Godrej Properties (GODR.BO; Rs666.90; Analyzed Not Rated)
Takeaways from Mumbai — Godrej Properties presented at our India Investor
Conference in Mumbai. Below are the key takeaways
What's new? — (1) The company is looking to do project additions at a much faster
pace now versus last year. While the intention is to strengthen its presence in cities
where it is now present, entry into newer cities is not ruled out and would be
opportunistic. Company has already made one acquisition in Q1 in Chembur,
Mumbai (2) Company reiterated its focus on redevelopment projects in Mumbai, for
which it has put together a separate team; and (3) FY11 dividend was a total of 25%
of PAT and company is looking to maintain a similar payout going forward.
Commentary on presales — The company is looking to increase the annual sale
run rate to ~10msf p.a gradually over next 2-3 years. It recorded ~4.0msf in FY11 vs
~1.4msf in FY10. Focus would remain on mid-income housing where it believes
demand would always remain robust in India. Garden City Ahmedabad recorded
~4.0msf sales since launch in Q4FY10. ~85% area stands sold in company's
maiden project in Gurgaon where prices have been pushed up by 40% since launch
in Jan-11.
Other key updates — (1) Pune and Kalyan township to be launched this FY; (2)
Construction has begun in Jan-11 for Godrej One – flagship commercial project at
Vikhroli, Mumbai. The company has begun discussions with prospective tenants.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Godrej Properties (GODR.BO; Rs666.90; Analyzed Not Rated)
Takeaways from Mumbai — Godrej Properties presented at our India Investor
Conference in Mumbai. Below are the key takeaways
What's new? — (1) The company is looking to do project additions at a much faster
pace now versus last year. While the intention is to strengthen its presence in cities
where it is now present, entry into newer cities is not ruled out and would be
opportunistic. Company has already made one acquisition in Q1 in Chembur,
Mumbai (2) Company reiterated its focus on redevelopment projects in Mumbai, for
which it has put together a separate team; and (3) FY11 dividend was a total of 25%
of PAT and company is looking to maintain a similar payout going forward.
Commentary on presales — The company is looking to increase the annual sale
run rate to ~10msf p.a gradually over next 2-3 years. It recorded ~4.0msf in FY11 vs
~1.4msf in FY10. Focus would remain on mid-income housing where it believes
demand would always remain robust in India. Garden City Ahmedabad recorded
~4.0msf sales since launch in Q4FY10. ~85% area stands sold in company's
maiden project in Gurgaon where prices have been pushed up by 40% since launch
in Jan-11.
Other key updates — (1) Pune and Kalyan township to be launched this FY; (2)
Construction has begun in Jan-11 for Godrej One – flagship commercial project at
Vikhroli, Mumbai. The company has begun discussions with prospective tenants.
No comments:
Post a Comment