Godrej Properties hits record pre-sales, stock price at all-time high

From Mint: 2024-06-28 05:19:21

1. Godrej Properties share price hits all-time high of ₹3,220 on BSE after reporting record FY24 pre-sales of ₹22,500 crore, with an 84% YoY growth and sales volume increase of 31%. Future guidance includes aiming for FY25 pre-sales of ₹27,000 crore and launching projects worth ₹30,000 crore.

2. The rise in Godrej Properties’ performance was driven by new launches, with 70% absorption contributing to total pre-sales. Sales in NCR tripled to ₹10,000 crore, and in MMR, they doubled to ₹6,500 crore. The company plans to launch projects across core markets and expects significant growth in Pune, Bengaluru, and other markets.

3. Motilal Oswal Financial Services reiterates a ‘Buy’ rating on Godrej Properties shares, increasing the target price to ₹3,600 per share, implying a 16% potential upside. The stock has seen impressive returns, up 15% in one month, 59% YTD, and over 102% in the past year, trading 3.20% higher at ₹3,203.05 on BSE.

4. Disclaimer: Individual analysts or broking companies’ views and recommendations may differ from those mentioned above, and investors are advised to consult certified experts before making any investment decisions. Explore the latest general election result updates with 3.6 crore Indians visiting the platform, making it India’s go-to source for election news.



Read more at Mint: Godrej Properties share price hits life-time high on highest ever pre-sales in FY24. Should you buy the stock?