Godrej Properties Ltd Q2 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : You guys rarely disappoint on sales. My first question is actually on the joint venture. If I look back to last 6 quarters, one would have thought that COVID period would throw up a lot more opportunities in joint development. We haven't seen as many deals getting concluded by you. Any color you can give on what's happening there?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Okay. And any color on whether the nature of deals have changed in any way where you're getting higher upfront share of cash or anything on that nature? Or are you targeting more land-based deals?

Question: Puneet J. Gulati - HSBC, Research Division - Analyst : Okay. That's a reason. My second question is on the sales within the region. So Mumbai, NCR, Pune have all been good. But I think Bangalore sales are yet to reach a place where you should be. Any special efforts you're putting there? Or is Bangalore generally more competitive?

Question: Pritesh Sheth - Edelweiss Securities Limited, Research Division - Analyst : So my question is on cash flows. Firstly, I think in the last 2 quarters, you have really ramped up the execution part. So we have seen around INR 700 crores of construction spend in last 2 quarters. So in terms of collections, how we can see that moving going forward? And considering last year, majority of our sales also had happened with some deferred payment schemes. So how is the trajectory that we see going forward from here on in terms of collection?

Question: Pritesh Sheth - Edelweiss Securities Limited, Research Division - Analyst : Sure. So we should see improvements happening from Q3 onwards or maybe Q4 onwards? How are you seeing it?

Question: Pritesh Sheth - Edelweiss Securities Limited, Research Division - Analyst : Sure. Got it. And on the business development, so any market that we see a challenge to do business development deal, specifically like in Bangalore, some markets, I think, somewhat we are hearing that local, larger developers are still comfortable in terms of adding business deals. So are we facing any challenge in that market in terms of business development?

Question: Himanshu Jhaveri - Dhruv Gems - Analyst : My first question was regarding the sales in Mumbai region. And particularly, region-wise, a little slow in selling in Mumbai.

Question: Himanshu Jhaveri - Dhruv Gems - Analyst : Can you hear me now?

Question: Himanshu Jhaveri - Dhruv Gems - Analyst : Yes. So my particular question regarding the Mumbai region, any particular reason why we are a little slow in selling projects like the Chembur one and the Chandivali one, because other regions where I'm seeing, NCR, Pune, Bangalore, whenever you are launching, almost you are selling like 70%, 80% of the launch inventory, or any particular reason you are going on higher margins because we own those 2 projects?

Question: Himanshu Jhaveri - Dhruv Gems - Analyst : And another question, Mumbai only. So next, if you want the company to go on the next level of sales and all, so we all know that other 3 regions are doing very well. So particularly in Mumbai, we have to concentrate more on -- deals and all, I think we have a lot of deals in the pipeline, already we have projects. And now the execution and the sales have to be there for the Mumbai region to do very well, right? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 02, 2021 / 1:00PM, GODR.NS - Q2 2022 Godrej Properties Ltd Earnings Call