On Wednesday, the shares of one of India’s largest real estate developers gained around 2.06% to ₹ 2,327.75 per share after the company purchased 12.5 acres of land in Hyderabad to build residential apartments.
Godrej Properties Ltd shares closed at ₹2,325.55 per share, up ₹ 45.30 or 1.99% on the National Stock Exchange from the previous close price. The company has a market capitalization of ₹64,659 crore.
Godrej Properties Limited (GPL) acquired 12.5 acres of land in Rajendra Nagar in Hyderabad. The project is estimated to have a developable potential of approximately 4 million square feet of saleable area comprising primarily of premium residential apartments of various configurations with an estimated revenue potential of ₹3,500 crore.
Godrej Properties shares have delivered returns of 49 percent in the last six months and 99 percent in a year.
The company’s revenue has increased by 68 percent yearly, from ₹196 crore in Q3FY23 to ₹ 330 crore in Q3FY24. In the same time frame, the company’s net profit increased by 12.5 percent, from ₹56 crore to ₹63 crore.
Godrej Properties Ltd is engaged in the real estate business. The company constructs and develops residential, commercial, industrial, and township properties. The company’s residential properties include The Trees, Godrej 101, Godrej 24, Godrej Central, Godrej Azure, and Godrej Aqua.
In Q3FY24, Godrej Properties Ltd reported booking value stood at ₹ 5,720 crore, a YoY growth of 76%, from the sale of a 4.34 million sq. ft. area. The company launched 8 new projects during the quarter across 5 cities.
The company’s total collections stood at ₹ 2,411 Crore for Q3 FY24, a YoY growth of 43%, and Net operating cashflow stood at ₹ 798 crore for Q3 FY24, a YoY growth of 45%.
Written by Omkar Chitnis
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