Weak Q1 cash flows, debt increase a worry for Godrej Properties

This, despite sales bookings and launch pipeline remaining robust

Aided by new launches, Godrej Properties reported its best-ever June quarter bookings or pre-sales performance. Volumes topped 3.6 million square feet, which was over thrice the year ago numbers. Sales value too saw a five-time jump to Rs 2,500 crore year-on-year (YoY).

On a sequential basis, however, the performance was one-third lower on the volume front and about one-fifth lower in revenue terms. Despite the sequential drop, the performance was better than what the Street had estimated.

The company launched three new projects in the first quarter of the 2022-23 financial year (Q1FY23), of which two were in the Mumbai