Godrej Properties Share Price Target: Stock Touches 52-Week High | Book Profit, BUY, or Hold? (image source: Canva)
Godrej Properties Share Price Target: Godrej Properties witnessed a remarkable surge in its shares on Tuesday, soaring nearly 8 per cent following the company’s report of an 84 per cent increase in sales bookings to a record Rs 22,500 crore in the last financial year.
On the Bombay Stock Exchange (BSE), the stock surged by 7.85 per cent to reach its 52 week high of Rs 2,791.20. Similarly, on the National Stock Exchange (NSE), it climbed 7.84 per cent to hit the one-year peak of Rs 2,791.80.
Strong Sales Performance
The surge in shares followed the announcement from Godrej Properties, which highlighted a significant increase in sales bookings driven by higher volumes amidst robust consumer demand for residential properties.
Godrej Properties’ stellar performance surpassed the sales booking figures of Bengaluru-based Prestige Group, which reported pre-sales of Rs 21,040 crore during the same fiscal year.
According to a regulatory filing, Godrej Properties achieved its best-ever quarterly and annual sales in the fourth quarter of the last fiscal year and for the full fiscal year 2023-24, respectively.
Doubling of Sales Bookings
During the fourth quarter of the last fiscal year, the company’s sales bookings more than doubled to over Rs 9,500 crore year-on-year. The overall sales bookings for the fiscal year grew by 84% year-on-year to more than Rs 22,500 crore.
Goderaj 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.
(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.)
