Geojit's research report on Godrej Properties
Godrej Properties Limited is a real estate company with its head office in Mumbai, India. A subsidiary of Godrej Industries Ltd, the company was established in 1990 under the leadership of Adi Godrej. The company is currently developing projects that are estimated to cover more than 89.7 mn sqft. Topline surged 63.6% YoY to Rs. 279cr in Q3FY22 led by a steady pickup in demand for homes and office spaces. EBITDA improved to Rs. 5cr loss vs. Rs. 54cr loss in Q3FY21. PAT grew 171.4% YoY to Rs. 39cr, aided by higher other income (+33.8% YoY).
Outlook
With the effect of omicron wave receding, we believe the impact of the third wave on the economy to be limited. On the backdrop of favorable budget proposals to boost the long-term prospects of real estate sector, we assign a BUY rating on the stock with a target price of Rs. 1,831 based on 5x FY24E
More Info
At 17:30 Godrej Properties was quoting at Rs 1,587.50, up Rs 31.60, or 2.03 percent.
It has touched an intraday high of Rs 1,627.70 and an intraday low of Rs 1,555.00.
It was trading with volumes of 156,137 shares, compared to its thirty day average of 92,101 shares, an increase of 69.53 percent.
In the previous trading session, the share closed up 5.45 percent or Rs 80.45 at Rs 1,555.90.
The share touched its 52-week high Rs 2,598.00 and 52-week low Rs 1,200.10 on 14 October, 2021 and 06 May, 2021, respectively.
Currently, it is trading 38.9 percent below its 52-week high and 32.28 percent above its 52-week low.
Market capitalisation stands at Rs 44,130.53 crore.
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