Buy Godrej Properties, target price Rs 1800: Angel Broking


Angel Broking has buy call on with a target price of Rs 1800. The current market price of Godrej Properties Ltd. is Rs 1447.15. Time period given by analyst is one year when Godrej Properties price can reach defined target.

Godrej Properties Ltd., incorporated in the year 1985, is a Large Cap company (having a market cap of Rs 40499.35 Crore) operating in Real Estate sector.

Financials
For the quarter ended 30-06-2021, the company reported a Consolidated Total Income of Rs 261.99 Crore, down -54.52 % from last quarter Total Income of Rs 576.08 Crore and up 33.90 % from last year same quarter Total Income of Rs 195.66 Crore. Company reported net profit after tax of Rs 46.68 Crore in latest quarter.


Investment Rationale
Godrej Property is amongst India’s largest developer by residential sales. As of 31st March 2021, the company has a total salable area of 187 msf in total 85 different projects across India. Company has done a pre sales of 4.17 msf in Q4FY21 up by 16% and booking values of Rs 2632 crores up by 10%. Company received a very good response for the new launched property.

As Godrej Property having a very robust pipeline of 12.3 msf for upcoming years, further new launches in Mumbai once relaxation in lockdown. The brokerage is expecting a strong recovery in residential market in 2nd half of 2022, company to get benefit of shift from unorganized to organized market as well as company have a great brand recognition.

Promoter/FII Holdings
Promoters held 64.4 per cent stake in the company as of Sept 30, 2020, while FIIs held 20.3 per cent, DIIs 4.8 per cent and public and others 10.5 per cent.

(Disclaimer: Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the stock/s mentioned.



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