Company Profile and IPO Listing

ToC - Agenda
Godrej Properties - Business Overview Organization Structure Financial Performance Key Factors for IPO Route Competitive Landscape Future Outlook for Godrej Properties

Godrej Properties Limited Business Overview

Leveraging on its enriched Brand

Godrej Properties Limited (GPL), established in 1991, is
part of the 113-year-old Godrej group of companies GPL, which develops residential and commercial

Company Description

properties, recently entered large township development The company expanded its footprint into 12 key tier-1 and tier-2 cities, with a land bank of ~400 acres and developable area of ~77msf, where it has economic interest for over 50msf

Focused on Mid-Income Housing Projects Widely Recognized Godrej Brand

Over 2,000++ Employees and Asset Light Business Model Has Emerged as a True panIndia Player

Land Bank in India

Land Bank Break-up (in Million Sq. ft.)
Total Land Reserves: 50 msf 23% 73% 3% 1%
Of the Total saleable area development, 23% is Own Development and 77% is JDA

Residential
Note: 1 Acre = 43,560 sq.ft.

Commercial

IT Park

Hotel

GPL's total land reserve by 2010 was at 391 acres, translating into a saleable area of 50.2mn sq ft
Source: Company Website, Angel Broking Research Report - December 2009

50% of saleable area from Abad Township

Estimated Saleable Area (in Million Sq. ft.)

So far, the company has developed a total of 30 projects, comprising of 21 residential and 9 commercial projects, aggregating to an area of approximately 7.1 mn sq ft.
Source: Company Website, Angel Broking Research Report, Motilal Oswal Research - 2011

Upcoming Projects of the Group

Till 2011, the group has invested around INR 1,850mn and further has strong projects in the pipeline

Source: Company Website, Angel Broking Research Report - December 2009

True Pan-India Presence

Source: Motilal Oswal Report: Aug 2010

Business Model Adopted by GPL

Note: JDA Stands for Joint Development Agreement

Source: Motilal Oswal Report: Aug 2010

Management Overview

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Promoters holds the major share

Shareholding Pattern as of June 2012 (%)
2.6% 13.6%

75%

9%

Promoters Foreign Institutions

Domestic Institutions Others

The promoters of GPL group have the major stake in the company along with the Foreign Institutions which hold in tune of 14% of the equitable shares
Source: Motilal Oswal Report: 30 July 2012

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Key People - Executive Management Team (1/2)

Mr. Adi GodrejChairman of the Board
Chairman of The Godrej Group Director of Godrej Properties Ltd. since 1990 Bachelor and Masters Degree from Massachusetts Institute of Technology

Mr. Pirojsha Godrej Managing Director & Chief Executive Officer

Masters in International Affairs from Columbia University and MBA from Columbia Business School Bachelors degree in Economics from the Wharton School

Mr. KT Jithendran Executive Director

Over 16 years of experience in the real estate business Handled varied aspects of business, viz. marketing, sales and HR

Mr. Jamshyd N Godrej Director (Non-Executive)

Chairman of Godrej & Boyce Manufacturing Company Limited Director of Godrej Properties Ltd. since 1990

Source: Company Website

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Key People - Executive Management Team (2/2)

Ms. Parmeshwar A. GodrejDirector (Non-Executive)
Director of Godrej Properties Ltd. since 1989 Serves on the board of the American India Foundation, The Palace School in Jaipur and Indian Hotels and Health Resorts Private Limited

Mr. Nadir B. Godrej Director (NonExecutive)

MD of Godrej Industries Limited and Chairman of Godrej Agrovet Limited Director of Godrej Properties Ltd. since 1989

Mrs. Lalita D. Gupte Independent Director

Chairperson of ICICI Venture Funds Management Company Limited Holds a a Master's Degree in Business Management
Source: Company Website

Mr. Keki B. Dadiseth Independent Director

Served as Chairman of Hindustan Lever Limited and as Director and Member of the Executive Committee at Unilever PLC and Unilever NV

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Financial Performance

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GPLs Y-o-Y Performance Financial

Performance

Source: Motilal Oswal Report: 30 July 2012

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Consolidated Quarterly Performance Financial Performance

Source: Motilal Oswal Report: 30 July 2012

Estimated

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Key Balance Sheet Changes Performance Financial

Values (INR Million) 4QFY11 2QFY12 4QFY12 Difference Remarks

Capital

699

699

780

82

Issue of 8.18m equity share through IPP IPP proceed of ~INR4.7b added with 2HFY12 net Addition of ~INR 6.6b (which includes ~INR 5b original debt, and ~INR1.4b (~20% of the total) for payment of MMRDA premium) related to recently concluded Jet deal at BKC Largely attributable to a recently entered purchase agreement at Vikhroli land (~INR7.2b)from earlier lease model, b) the BKC deal with Jet and c) other acquisitions

R& S

8,417

8,719

13,646

4,927

Secured Loan

5,478

4,401

20,873

9,012

Inventories

10,154

11,497

27,384

15,887

Source: Motilal Oswal Report: 30 July 2012

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Realization of Volumes in various Quarters Financial Performance

Sales Value and Volume Comparison Realization in Values (INR/ sq.ft)

Source: Motilal Oswal Report: 30 July 2012

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Key Factors for IPO Route

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Key Factors toFinancial Performance Raise an IPO

Objects of the Issue Particulars Acquisition of land development rights for upcoming projects Amount (Rs INR) 203

Construction of upcoming projects

Repayment of Loans General Corporate Purpose Total Issue Details
Issue Date: Dec 09, 2009 Dec 11, 2009 Face Value: Rs. 10 Issue Price: Price Band Rs. 462 530 Issue Size (shares): 0.94 Cr

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172 ** 462

Issue size (amount): Rs 462cr - 500cr**

Book Building
QIBs: At least 60% Non Institutional: At least 10% Retail: At least 30%
Upto 30% of shares could be offered for Pre-IPO Placement

Source: Company Red Herring Prospectus

**at Lower and Upper price band

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Key IPO Participants

Source: Company Red Herring Prospectus

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Scenario Change after the IPO Financial Performance

Source: Motilal Oswal Report: 30 July 2012

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Competitive Landscape

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Strongest Among the Peers Financial Performance

Source: Motilal Oswal Report: 30 July 2012

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Presence of Key Players in India Financial Performance

Source: Motilal Oswal Report: 30 July 2012

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SWOT Analysis Financial

Unique Business Model

Performance
Dependence on Ahmedabad Long gestation Period

Speedy Monetization
Strong Brand Equity Fairly Valued

Strengths

Weakness

Risk of PE Investments

Mid-Income Housing Market in India Strong Demand in Residential Space Robust Real Estate Sector in India

Opportunity

Threats
Unstable Pricing in Real Estate Regulation on ULCA Act

Source: Motilal Oswal Report: 30 July 2012

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Future Outlook for GPL

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Neutral Outlook on the Company Financial Performance

Source: Motilal Oswal Report: 30 July 2012

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Neutral Outlook on the Company Financial Performance

Returns from Online Projects: Sequential improvement in sales in key ongoing projects in Ahmedabad and Kolkata, along with decent offtake in new launches is positive Speedy Monetization: There has been faster monetization in its old commercial projects, as well over the last couple of quarters. This is encouraging, as these projects have been a major drag on operating margins Traction in commercial sales would also help in unleashing the significant capital locked in these projects, triggering debt reduction. However, high leverage, owing to

several acquisitions, remains an overhang

Key Factors to look forward: o Success in stated launch plan o Execution ramp-up commensurate with acquisitions o Deleveraging Equity o Infusion and commencement of BKC, Mumbai projects could be a key positives

Source: Motilal Oswal Report: 30 July 2012

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Thank You

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