Share price of Godrej Properties jumped over 2 percent in early trade on November 6 after the company reported a 50 percent YoY rise in consolidated net profit at Rs 31 crore for the quarter ended September 2019.
Total income for the quarter declined 22 percent from the year-ago to Rs 370 crore.
“The overall environment in the real estate sector remains challenging. This provides Godrej Properties with tremendous opportunity to drive market share growth in residential real estate. We expect strong momentum in both portfolio project additions and new project launches in H2 FY20,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
Global research firm CLSA has maintained a buy call on the stock and has raised the target to Rs 1,200 from Rs 1,100 per share. It believes that strong sales growth is driving market share gains adding that lack of Q2 project additions is likely to be made up in H2.
Significant headroom in balance sheet provides good acquisition opportunities in Godrej Properties, it added.At 0928 hrs, Godrej Properties was quoting at Rs 980.70, up Rs 25.90, or 2.71 percent. It has touched an intraday high of Rs 980.70 and an intraday low of Rs 967.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.