This S&P BSE 200 company has a market cap of Rs. 43,344 crore and rose 2.7% within the first hour of markets opening on Friday. The stock trades 12% away from its 52 week high at Rs. 1558.90, up from Rs. 1536.60 at closing on Thursday.
The company’s stock is also 3.5% away and 13.7% respectively above the 20 day and 200 day moving averages respectively.
In a filing dated 29th September 2023, Godrej properties Ltd (“Godrej”) announced that it has acquired ~109 acres land parcel in Nagpur. The development on this land will comprise primarily plotted residential units and will offer an estimated saleable area of 2.2 million square feet.
The land parcel is strategically located near Samrudhhi Mahamarg, (the expressway connecting the cities of Mumbai & Nagpur) and MIHAN SEZ and offers good connectivity to the Mumbai – Kolkata highway and Dr. Babasaheb Ambedkar International Airport, Nagpur.
The location offers a well-developed social and municipal infrastructure that includes hospitals, schools, retail, and entertainment venues.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “We are happy to add this new project in Nagpur to our portfolio. This further enhances our presence in Nagpur and fits within our strategy of strengthening our presence across key micro-markets in India. We will aim to build an outstanding plotted development project in Nagpur that creates long-term value for its residents.”
In another filing dated 28th September 2023 the company announced it has acquired 49% equity shares of Godrej Skyline Developers Private Limited (‘GSDPL”) from the existing shareholder. Pursuant to the said acquisition, the Company together with its wholly-owned subsidiary viz Godrej Projects Development Limited (“GPDL”), holds 93% of the equity share capital of GSDPL for a total consideration of Rs. 37.7 crore.
Godrej Properties with its subsidiaries, primarily engages in the real estate construction, development, and other related activities in India. In FY23, the company’s revenue degrew 22% YoY from Rs.1473 crore to Rs. 1155 crore. Net Profits however, grew 25% from Rs. 526 crore to Rs. 656 crore. This indicates a margin expansion of 2000 bps.
Written by Sandeep R