Godrej Properties up 7%

about 2 months ago
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Godrej Properties is currently among the top five gainers on the BSE; opening over 3% higher at Rs.2648, the stock price surged to an intraday high at Rs.2752, up more than 7%. Its not too far from its 52-week high of Rs.2791.20.

The market is pretty happy with its earnings for Q4FY24 wherein it reported a 5% (YoY) increase in consolidated PAT at Rs.471 crore though revenue from operations fell 13% to Rs.1426 crore.

It ended FY24 with a 21% rise in PAT at Rs.747 crore.

The market is more buoyed by a strong demand in the newly launched projects. The company said that it achieved its best ever pre-sales in A4FY24 at Rs.9500 crore, a 135% increase. Its collections also jumped up 23% at Rs.4700 crore.

More importantly, the company for FY24 had guided a pre-sales of Rs.14,000 crore but it achieved Rs.22,500 crore, a 86% (YoY) increase. For FY25, it has guided pre-sales of Rs.27,000 crore.

Following this, most brokerage houses hiked their target prices and reiterated their “buy” calls which is the reason for the buoyancy in the stock price today.

3300.40 (+37.55)

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