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Godrej Properties share price declines post Q4 nos; brokerages maintain buy

Company's revenue from operations increased 10.4 percent year-on-year to Rs 1,163.05 crore in Q4FY20.
May 12, 2020 / 10:15 AM IST
 
 
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Godrej Properties share price declined over 1 percent in the early trade on May 12 after the company announced its Q4 numbers on Monday.

The company has reported a 35.5 percent year-on-year decline in consolidated profit at Rs 101.08 crore for the quarter ended March 2020 against profit of Rs 156.66 crore in the same quarter last year.

However, revenue from operations increased 10.4 percent year-on-year to Rs 1,163.05 crore in Q4FY20.

Also Read - Godrej Properties Q4 profit plunges 35% to Rs 101 crore

Jefferies | Rating: Buy | Target: Raised to Rs 954 from Rs 945 per share

The COVID has reduced visibility on sales outlook, while management is ready with a 15 msf launch pipeline.

The work has now commenced on half of the projects. It has a strong project pipeline, low gearing & strong execution track-record.

The company is set for market share gains and maintain top pick status for the company.

CLSA | Rating: Buy | Target: Rs 870 per share

The company’s Q4 earnings was ahead of estimates led by revenue recognition from the trees project.

It aims to gain further market share with formidable new launches, while business development will gather pace, led by cash of Rs 2,500 crore.

The company also planning to raise debt up to Rs 1,000 crore.

CLSA likes the stock due to its ability to thrive during crisis & slowdown.

At 09:20 hrs, Godrej Properties was quoting at Rs 613.30, down Rs 7.95, or 1.28 percent on the BSE.
Moneycontrol News
first published: May 12, 2020 10:15 am

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