Shares of this infrastructure company rose 1 percent after winning an e-auction by Haryana Shehri Vikas Pradhikaran (HSVP) to develop Gurugram housing plots, with a bid value of Rs.515 crore.
Share Price Movement
In Monday’s trading session, the share price of Godrej Properties Limited surged 1.07 percent to an intra-day high of Rs.2,940 per share, up from the previous close of Rs.2,908.7 apiece.
What is the news
On September 2nd, Godrej Properties emerged as the highest bidder in an e-auction conducted by Haryana Shehri Vikas Pradhikaran (HSVP) and has secured the work order to develop two premium group housing plots in Gurugram, with a combined bid value of Rs.515 crore. The two land plots, covering about 3.6 acres and 2 acres, are expected to generate over Rs.3,400 crore in revenue.
GPL also won auctions for two land plots in Greater Noida this quarter. Along with the new plots in Gurugram, this has significantly boosted GPL’s NCR portfolio to four projects, with a total estimated revenue potential of over $1 billion.
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Management Commentary
Gaurav Pandey, MD & CEO, of Godrej Properties, said, “We have witnessed strong demand for our projects in NCR market demonstrating huge trust and confidence which the customers have placed in us. I am very confident that these two new acquisitions will further strengthen our development portfolio in NCR as well as cater to the strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for its residents.”
Order Book
As of March 2024, Godrej Properties had 215 million sq. ft. of saleable area across its projects in India. In FY2024, the company added 10 new projects with a future booking value of Rs.21,225 crore and an estimated saleable area of 18.93 million sq. ft.
For FY2025, it aims to launch residential projects worth Rs.30,000 crore in major cities to achieve a 20 percent growth in sales bookings.
Financials
Turning towards the financials of the company, Godrej Properties reported Q1 FY25 revenue of Rs.739 crore, down 21.04 percent from Rs.936 crore in the same quarter last year. Profit After Tax (PAT) increased substantially by 287.3 percent to Rs.519 crore, compared to Rs.134 crore in the same period.
Company Profile
Godrej Properties Ltd, a subsidiary of Godrej Industries Ltd, is a real estate company engaged in developing residential, plotted, and mixed-use properties, with a strong emphasis on innovation, sustainability, and design.
Written by – Siddesh S Raskar
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