Realty stock jumps after winning Gurugram plot bid with ₹5,500 Cr potential

Published 25-10-2024, 11:48 am
© Reuters.  Realty stock jumps after winning Gurugram plot bid with ₹5,500 Cr potential

Shares of this infrastructure company drew investor attention after it emerged as the highest bidder in an e-auction conducted by Haryana Shehri Vikas Pradhikaran (HSVP) to develop Gurugram housing plots, with a revenue potential of Rs.5,500 crore.

Share Price Movement

In Friday’s trading session, the share price of Godrej Properties Limited (NS:GODR) opened at a high of Rs.2,975.85 per share, rising 1.7 percent from its previous close of Rs.2,924.40 each. The shares have retreated now and are currently trading at Rs.2,881.85 apiece.

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What is the news

Godrej Properties Ltd. (GPL), a leading real estate developer in India, has secured the Letter of Intent to develop a 7.5-acre group housing plot on Golf Course Road in Gurugram, having emerged as the highest bidder in an e-auction by Haryana Shehri Vikas Pradhikaran (HSVP).

The project will yield over 1.7 million square feet of luxury residential apartments, with estimated revenues exceeding Rs.5,500 crore. In FY24, GPL also acquired two prime plots in the same area, with a combined revenue potential of over USD 1.5 billion.

This marks Godrej Properties Ltd.’s 11th new project acquisition in FY25, increasing the booking value from new projects to Rs.22,950 crore, exceeding its full-year business development target of Rs.20,000 crore.

Management Commentary

Highlighting the achievement, Gaurav Pandey, MD & CEO, Godrej Properties, said, “We have witnessed strong demand for our projects in the NCR market demonstrating the huge trust and confidence which our customers have placed in us. I am very confident that this new acquisition will further strengthen our development portfolio in NCR as well as cater to strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for its residents.”

Financials

Turning towards the financials of the company, Godrej Properties reported Q1 FY25 revenue of Rs.739 crore, down 21.04 percent from Rs.936 crore in the same quarter last year. Profit After Tax (PAT) increased substantially by 287.3 percent to Rs.519 crore, compared to Rs.134 crore in the same period.

Company Profile

Godrej Properties Ltd, a subsidiary of Godrej Industries (NS:GODI) Ltd, is a real estate company engaged in developing residential, plotted, and mixed-use properties, with a strong emphasis on innovation, sustainability, and design.

Written by – Siddesh S Raskar

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