Godrej Properties gains 2% on placing highest bid for prime Gurugram plots

The two plots measuring 2.76 acres and 5.15 acres respectively are located in the upscale locality of Golf-Course Road.

Moneycontrol News

July 13, 2023 / 12:40 IST

At 11.45 am, the stock was quoting at Rs. 1,635.05, up Rs. 36.30, or 2.27 percent on the NSE.

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The share price of Godrej Properties was up by 2 percent in the morning trade on July 13 after the company reported that it has been declared the highest bidder for two luxury group housing plots in Gurugram.

At 11.45 am, the stock was quoting at Rs. 1,635.05, up Rs 36.30, or 2.27 percent on the NSE. The stock has been on an upward trend since March 28 and has surged by 62 percent.

In a filing at both exchanges, Godrej Properties informed that it had been declared the highest bidder by the Haryana Shehri Vikas Pradhikaran (HSVP) for two luxury group housing plots. The two plots measuring 2.76 acres and 5.15 acres, respectively, are located in the upscale locality of Golf Course Road. According to the filing the two land parcels have a combined estimated revenue potential of approximately Rs 3,100 crore.

In FY23, the property developer reported a revenue of Rs. 2,252 crore, up 24 percent year-on-year (YoY) from Rs 1,825 crore reported in FY22. The OPM (operational margin) improved from 9 percent in FY23 against 3 percent reported in FY22. The company also registered an improvement in the net profit or the profit after taxes (PAT), which stood at Rs 621 crore in FY23 against Rs 351 crore reported in the corresponding fiscal.

A key growth driver for its parent company Godrej Industries, Godrej Property ranks third among its peers on the basis of market capitalisation. According to the investor presentation for Q4FY23, the realty major has successfully delivered 32 million square feet of real estate in the past five years. As on May 03, the company had 92 ongoing projects across India.