Godrej Properties has target of Rs 900: PN Vijay

Godrej Properties has target of Rs 900, says PN Vijay, Portfolio Manager.

Vijay told CNBC-TV18, "Godrej Properties is moving with the tide. Suddenly, real estate is coming into its own. It has been the real laggard among rate sensitives for the right reasons. Real estate companies are generally loaded in debt and have problems of oversupply. I have chosen Godrej Properties because within the sector, one would like to play a bit safe. Godrej is arguably the most respected name we have in the real estate space. Last quarter was mixed for Godrej Properties, the top line almost tripled."
He further added, "The EBITDA de-grew because of various operational costs going up, but the net profit went up pretty smartly by 84%. Last quarter was one of the worst for real estate companies as they were hit by interest rates, falling demand and higher commodity prices slowly coming down. Going forward, all this scenario would change for the entire industry and to some extent to Godrej also. As far as the Vikhroli redevelopment project is concerned, the first tower is 90% sold out and they are going to start their second tower, the platinum tower in this quarter. That should lead to improvement in this."
"Godrej