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Moderate growth in Presales due to approval delays, however a strong Q4FY25 backed by launches would continue its strong growth trajectory:

* Q3FY25 Presales at INR 54,460 Mn, down 5% YoY and up 5% QoQ (vs CEBPL est. INR 59,253 Mn).

* Collections for Q3FY25 were at INR 30,690 Mn, up 27% YoY and down 23% QoQ (vs CEBPL est. INR 31,932 Mn).

* Average selling price was INR 13,381 per sqft , up 2% YoY and 33% QoQ.

* Net operational cash flow was INR 6,150 Mn, down 23% YoY and 66% QoQ.

* GPL has a strong launch portfolio planned for Q4FY25, including projects in Hyderabad , Noida, Bangalore, Pune, Mumbai, and Gurgaon. The first project in Hyderabad is going well so far, and early signs for the new project in Noida are very positive.

GPL has outperformed its FY25 guidance on all fronts: GPL has achieved 71% of its presales guidance of INR 2,70,000 Mn, 67% of its customer collection guidance of INR 1,50,000 Mn and has delivered 11 msft, which is 79% of its guidance of 15 msft. In addition, GPL has done business development of INR 2,34,500 Mn, achieving 117% of its guidance of INR 2,00,000 Mn

Fund raise to bolster business development: GPL successfully completed its QIP of INR 60,000 Mn, which will go a long way in supporting business development going forward while maintaining a strong balance sheet. GPL’s net debt/equity ratio has reduced to 0.23 from 0.74 earlier, which leaves room for GPL to aggressively increase its launch pipeline which will sustain presales growth

Valuation:.

We arrive at a target price of INR 3,504, using discounted cash flow method.

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