Buy Godrej Properties; target of Rs 320: Firstcall Research

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Firstcall Research's report on Godrej Properties

Godrej Properties is currently developing residential, commercial and township projects spread across 9.3 million square meters in 12 cities across India has reported its financial results for the quarter ended 31st Dec, 2014.

The company achieved a turnover of Rs. 5193.04 million for the 3rd quarter of the financial year 2015 as against Rs. 2419.54 million in the corresponding quarter of the previous year, an increase of 114.63% y-o-y. In Q3 FY15, Net profit jumps to Rs. 472.42 million against Rs. 373.62 million in the corresponding quarter ending of previous year. Reported earnings per share of the company stood at Rs. 2.37 a share during the quarter, registering 26.37% increase over previous year period. Profit before interest, depreciation and tax is Rs. 833.44 million as against Rs. 973.89 million in the corresponding period of the previous year.

OUTLOOK AND CONCLUSION

At the current market price of Rs. 277.65, the stock P/E ratio is at 28.54 x FY15E and 25.47 x FY16E respectively.

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Earning per share (EPS) of the company for the earnings for FY15E and FY16E is seen at Rs. 9.73 and Rs. 10.90 respectively.

Net Sales and PAT of the company are expected to grow at a CAGR of 23% and 9% over 2013 to 2016E respectively.

On the basis of EV/EBITDA, the stock trades at 24.91 x for FY15E and 23.51 x for FY16E

Price to Book Value of the stock is expected to be at 2.55 x and 2.15 x respectively for FY15E and FY16E.

"We recommend ‘BUY’ in this particular scrip with a target price of Rs 320 for Medium to Long term investment", says Firstcall Research Report.

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