The shares of the leading real estate company gained up to 7 percent after the company sold homes worth over Rs 3,000 crores within 3 days at the launch of its project Godrej Zenith in Gurugram, Haryana.
With a market capitalization of Rs 74,163.39 crore, the shares of Godrej Properties Ltd were trading at Rs 2,675.45 apiece, increasing around 7 percent as compared to the previous closing of Rs 2,502.30 per share.
According to the exchange filing, Godrej Properties Ltd has sold over 1,050 homes worth over Rs 3,000 crores in its project, Godrej Zenith, located in Sector 89, Gurugram. This is the company’s most successful ever launch in terms of the value and volume of sales achieved.
Furthermore, Godrej Zenith is GPL’s biggest residential project in Gurugram. The company’s revenues in Gurugram increased 473% year on year in FY24, and it has a solid launch pipeline for FY25, including new project launches. The planned launches will greatly increase GPL’s footprint in the city.
Looking at the company’s financials, Godrej Properties Ltd’s sales increased by 68% from Rs 196 crore in Q3FY23 to Rs 330 crore in Q3FY24. During the same time frame, net profit increased by 12% from Rs 56 crore to Rs 63 crore.
As of Q3FY24, GPL had its largest ever quarterly sales for the second quarter in a succession, with a booking value of Rs 5,720 crore, a 76% YoY increase from the sale of 4.34 million sq. ft. area. Booking value in 9M FY24 was 106% of the total booking value in FY23, GPL’s previous best year.
The stock has delivered a return of 64.22 percent in the last six months and a multi-bagger return of 118 percent in a year. A shareholder’s investment of Rs. 1 Lakh in the company would be worth Rs. 2.18 Lakh in a year.
Godrej Properties Limited (GPL) is the real estate development branch of the Godrej Group, founded in 1897 and now one of India’s most successful conglomerates. Godrej Properties applies the Godrej Group’s ideology of innovation, sustainability, and quality to the real estate business.
Written by:- Abhishek Singh
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