India's Godrej Properties hits record high on strong outlook

Godrej Properties

06/05/2024 08:28

** Godrej Properties'  GODR.NS  shares rise as much as 9.6%
to record high of 2,816.35 rupees 
    ** Real-estate developer expects pre-sales of 270 bln rupees
($3.24 billion) in FY25, up from 225.27 bln rupees in FY24;
expects collections to rise 31%
    ** Co well exceeded FY24 guidance, building on same will
require continued strong execution - Jefferies 
    ** Jefferies raises pre-sale estimate for GODR for FY25 and
FY26 by 7% and 8%, respectively
    ** Co's new launches will drive sales in FY25 - Motilal
Oswal
    ** Adds, GODR will continue to surprise on growth, cash
flows and margins, given its strong pipeline, healthy
realizations
    ** Avg rating of 17 analyst is "hold"; their mean PT has
risen to 2,306.11 rupees from 2,102.68 rupees before qtrly
results - LSEG  
    ** GODR up nearly 40% YTD vs 25% rise in Nifty Realty Index
 .NIFTYREAL  


($1 = 83.4410 Indian rupees)

 (Reporting by Nishit Navin)
 ((nishit.navin@thomsonreuters.com;))