Godrej Properties delivered exceptional performance with 84 per cent YoY growth in bookings, aided by strong positive reception of new launches in both the NCR and Mumbai, Motilal Oswal said.
Godrej Properties shares surged 9.7% to a record high of Rs 2,816.90 on BSE. Brokerages raised target prices after a 14% YoY increase in consolidated net profit to Rs 471 crore for Q1 2024. The company achieved its highest-ever quarterly sales, with booking value at Rs 9,519 crore.
Godrej Properties sold inventory worth Rs 2,690 crore in its project Godrej Reserve located in Kandivali, Mumbai, in Q4 FY24. It also sold inventory worth over Rs 2,875 crore in its Gurugram’s Sector 49 project Godrej Aristocrat.