Share prices of one of India’s leading real estate developers, were down marginally in the opening trade at Rs. 2,298 on Wednesday, while its previous close was Rs. 2,304.15.
With a market cap of Rs. 64,271, the shares of Godrej Properties Ltd. (GPL) at 9:24 am, were down by 0.22 percent or Rs. 5 quoting at Rs. 2,297.95. However, it recovered later in the afternoon session and is currently trading at Rs. 2,320.95, up by over 0.66 percent.
Recently, the real estate development arm of the Godrej Group announced that it acquired nearly one acre of land in Yeshwantpur, Bengaluru to build apartments.
According to the details mentioned by Godrej Properties, the land has a developable potential of approximately 1.4 lakh square feet of saleable area for the development of premium residential apartments.
However, this is the second such purchase this month, earlier on January 2, GPL announced that it acquired nearly four acres of land on an outright basis, located in Yeshwantpur abutting the NH75.
Godrej Properties said that the project is estimated to have a developable potential of around 0.7 million square feet with an estimated revenue potential of Rs. 1,000 crore.
Financially, the company has delivered good profit growth of 90.1 percent CAGR over the last five years but has delivered a poor sales growth of 87.03 percent over the past five years and is not paying out dividends.
The company’s revenue from operations increased by 23.42 percent from Rs. 1,825 crore in FY21-22 to Rs. 2,252 crore in FY22-23, accompanied by a net profit of Rs. 621 crore in FY22-23 from Rs. 351 crore in FY22-23.
Godrej Properties Ltd. (GPL) hit a 52-week high on January 15 this year at Rs. 2,331.7, while its 52-week low was Rs. 1,005 on March 29 last year. It has given over 42 percent of returns in the past six months and nearly 86.8 percent in the last one year. So far in 2024, the company has given more than 15 percent of returns.
As of December 2023, FIIs hold 29.73 percent of the shares in the company whereas DIIs hold 4.69 percent of the shares, aggregating to 34.42 percent of institutional holdings. The Promoter holds 58.48 percent of the shares while the Public holds 7.1 percent shares in the company.
Established in 1990, Godrej Properties emerged as the largest developer in India by the value and volume of residential sales achieved in FY 2021. It is the first real estate company to have ISO certification.
Written by Shivani Singh
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