52-Week High! Godrej Properties Sells 1000 Homes in Just 3 Days In Record Sales; Should You ‘BUY’ Amid Firm’s Mega Expansion Plans? (image source: Godrej Properties)
Godrej Properties Share Price Target: The Godrej group-owned real-estate subsidiary Godrej Properties on Monday gained over 5 per cent and hit 52 weeks high at Rs 2,642 per share on Indian stock market indices both on NSE and BSE. The current Goderej share price is at Rs 2,639 per share on BSE at 10:40 am on April 08, 2024.
The company shares have been booming form the last 6 months. In the last one year, the stock gave over 25 per cent returns to investors, As the real estate giant announced massive expansion plans to construct major projects across India, especially in major cities like Mumbai, Gurugram and others. As the company shares are trading with good momentum should investors ‘Buy, Sell Or Hold’?. Here’s what experts said.
Godrej Properties Sold Over 1000 Homes In 3 Days
The Mumbai-based real estate developer, has achieved remarkable success with its latest project, Godrej Zenith, located in Sector 89, Gurugram. The project witnessed the sale of over 1,050 homes, encompassing an area of over 2 million square feet, making it the company’s most successful launch in terms of both value and volume of sales.
In FY24, this marks the second instance in Gurugram and the fourth nationwide where GPL has achieved launch sales exceeding Rs 2,000 crore. The total sales value for Godrej Zenith surpassed INR 3,000 crores, solidifying its position as a flagship project for the company. Notably, Godrej Zenith represents GPL’s largest residential development in Gurugram.
Godrej properties Share Price Target
Rupak De, Senior Technical Analyst at LKP Securities has given a ‘BUY’ rating for real estate stock setting a Godrej Properties share price target at Rs 2750 per share. The analyst also recommended a stop loss at Rs 2400.
‘The stock has broken out of consolidation on the daily chart, indicating increased optimism in the stock. Additionally, the stock price has consistently traded above the critical moving average, indicating a bullish setup. The momentum indicator is showing a bullish crossover. On the higher end, it might move towards 2750, while support is positioned at 2400.’ said Rupak De.
Godrej Properties Q3 Financial Performance
Godrej Properties, a subsidiary of the Godrej Group, reported a 6 per cent year-on-year increase in consolidated net profit to Rs 62 crore for the quarter ending in December. Total income surged by 43 per cent to Rs 524 crore during this period.
The company sales bookings saw 76 per cent year-on-year growth, reaching Rs 5,720 crore for the quarter and Rs 13,008 crore for the first nine months of the fiscal year 2023-24. Notably, the booking value in the first three quarters exceeded the total booking value for the entire previous fiscal year by 106 per cent.
Godrej Properties is confident in surpassing its bookings guidance of Rs 14,000 crore for the current fiscal year. It aims to achieve its best-ever annual performance in terms of cash collections and project deliveries.
The quarter marked Godrej Properties’ highest-ever quarterly sales for the second consecutive quarter, with a total booking value of Rs 5,720 crore and 4.34 million sq ft of area sold. Collections and net operating cash flow grew significantly by 43 per cent and 45 per cent respectively, reaching Rs 2,411 crore and Rs 798 crore.
Expansion and Project Launches
During the quarter, the company expanded its portfolio by adding one group housing project in Bengaluru, with an estimated booking value of Rs 1,250 crores. Over the nine-month period, it introduced eight new projects or phases across five cities.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
