Godrej Properties Ltd. has obtained approximately three acres in Vastrapur area of Ahmedabad with an estimated booking value of around Rs 1,300 crore.
The acquired land has the potential to develop around 0.9 million square feet of saleable area consisting of premium residential apartments in various configurations, according to an exchange filing on Friday.
Godrej Properties reported a record collection of Rs 4,000 crore, representing 68% year-on-year growth in the quarter ended September. During the first half of the fiscal, the company's collection jumped 62% to a record Rs 7,000 crore.
The realty firm acquired six new land parcels in the July–September quarter to develop housing projects worth Rs 9,650 crore as part of its expansion plan amid strong demand. Following the sales update, Godrej Properties' rating was upgraded from 'hold' to 'buy' by Nuvama.
Godrej Properties Q1 Performance
The real estate firm's consolidated net profit jumped nearly fourfold to Rs 518.8 crore in the June quarter of the current financial year, beating analysts' estimates of Rs 376.6 crore.
Godrej Properties' revenue fell 21% to Rs 739 crore in the first quarter, missing a consensus estimate of Rs 1,338.4 crore of analysts tracked by Bloomberg.
It also recorded earnings before interest, taxes, depreciation and amortisation loss of Rs 125.1 crore year-on-year in comparison to a loss of Rs 149.2 crore for the same period last year.
The share price of Godrej Properties closed 1.6% higher at Rs 3,133.65 apiece on the National Stock Exchange, compared to a 0.42% rise in the benchmark Nifty 50. The stock has risen 86.98% in the last 12 months and 55.64% on a year-to-date basis.
Fifteen out of the 20 analysts tracking the company have a 'buy' rating on the stock, one recommends 'hold' and four suggest 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential upside of 5.4%.
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