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Godrej Properties (GPL) clocked record Q2FY24 gross sales bookings of 5.2msf worth INR50.3bn (10% above I-sec estimate of INR45.0bn), led by INR20.2bn of sales from Tropical Isle, Noida project launched during the quarter. While the company retained guidance for INR140bn of FY24 gross sales bookings driven by a launch pipeline of ~17.6msf in H2FY24, operating cash surplus for H1FY24 was weak at INR9.3bn.
AWL continues to witness recovery in volumes (+11% YoY) with sustained strong performance in foods segments (+18% YoY volume growth; >40% revenue growth in branded foods segment over last 8 quarters) and gradual recovery in edible oils segment (+12% YoY volume growth in branded edible oils).
ZFCVCS (ZFI)’s operational performance was in-line with our estimate, with EBITDA at INR1.46bn versus our estimate of INR 1.5bn (+35% YoY). OEM/export/aftermarket segments’ revenues came in at INR 4.5bn/INR 3.2bn/INR 1.2bn, up ~29%/~23%/~15% YoY, driving overall revenue by 25% YoY.
In Q2FY24, Supreme Industries (SI) reported blended plastics volume growth of 23.2% YoY (4-year CAGR of 10.2%) on a low base, driven by 29.9% YoY volume growth in the pipes segment (4-year CAGR of 11%). Blended EBIT/kg grew 157% YoY to INR21.1 (+22.5% QoQ) with pipes EBIT/kg increasing 517% YoY to INR 19.5 (+17.7% QoQ) due to a low base (continuous decline of PVC price in Q2FY23 led to high inventory losses).
