The realty player has clocked the highest ever quarterly sales for the third quarter in a row with booking value at Rs 9,519 crore, showing a YoY growth of 135%, from the sale of 8.17 million sq ft of area.
After the results impressed the street, here’s what brokerages have to say:
Nuvama
As cash flow generation remains a key stock trigger and with the housing cycle turning, Nuvama reckons that the sales momentum will stay for a while.
Nuvama maintained its ‘hold’ rating for the stock with a target price of Rs 2,828 from Rs 2,338.
Motilal Oswal
“GPL delivered an exceptional performance with 84% YoY growth in bookings, aided by the strong positive reception of new launches in both the NCR and Mumbai. Given the healthy demand environment, management is confident of delivering consistent growth over the medium term,” said Motilal Oswal.
Motilal Oswal maintained their ‘buy’ rating with an increased target of Rs 3,000.
Kotak Institutional Equities
KIE states that they are encouraged by the strong showings by GPL in terms of robust business development, strong cash collections and positive management guidance for FY25. However, the brokerage believes that all positives are already captured in the current market price.
KIE therefore rates Godrej Properties as a ‘sell’ with a target price of Rs 1,780.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)