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Motilal Oswal Report
Godrej Properties Ltd. delivered an exceptional performance in FY24, and given the healthy demand environment, the management is confident of delivering consistent growth over the medium term.
Despite strong progress made on business development over the last two years, Godrej Properties continues to aim for higher new additions, which would enable it to achieve targeted growth. The increase in cash flows and Rs 30 billion of surplus cash will support higher spending without affecting the balance sheet.
While Godrej Properties will continue to build on its growth path, the turnaround in cash flows and profitability, which has been a key investor concern, will drive further re-rating in the stock.
We reiterate our Buy rating with an increased target price of Rs 3,600, implying 16% potential upside.
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