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Godrej Properties firms up on bargain hunting

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Godrej Properties advanced 3.63% to Rs 989.45 on bargain hunting after a recent slide.

Shares of the real estate company have fallen 4.53% in two trading sessions to end at Rs 954.80 in yesterday's session from a recent closing high of Rs 1000.20 on 1 November 2019.

A global brokerage has reportedly maintained a 'buy' raring on the stock and has raised its target price to Rs 1,200 from Rs 1,100 per share earlier. It believes that strong sales growth is driving market share gains adding that lack of Q2 project additions is likely to be made up in the second half of the current fiscal.

The company's consolidated net profit surged 66.21% to Rs 34.19 crore on 33.96% fall in net sales to Rs 259.67 crore in Q2 September 2019 over Q2 September 2018.

Godrej Properties announced Q2 earnings during market hours yesterday, 5 November 2019. The scrip tumbled 3.16% to end at Rs 954.80 yesterday.

The consolidated adjusted EBITDA jumped 80% to Rs 191 crore in Q2 September 2019 as against Rs 106 crore in Q2 September 2018.

The company said that the Q2 FY2020 witnessed a total booking value of Rs 1,446 crore and total booking volume of 2.26 million sq. ft. as compared to total booking value of Rs 807 crore and total booking volume of 1.07 million sq. ft. in Q2 FY2019.

Commenting on the Q2 result, Pirojsha Godrej, the executive chairman of Godrej Properties, has said that, "The overall environment in the real estate sector remains challenging. This provides Godrej Properties with tremendous opportunity to drive market share growth in residential real estate. We expect strong momentum in both portfolio project additions and new project launches in H2 FY20."

Godrej Properties is engaged in construction and real estate development. The firm focuses on developing residential, commercial and township projects.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 06 2019. 12:23 IST