Jefferies upbeat on sales growth for India's Godrej Properties; shares rise

Godrej Properties

10/12/2024 04:52

** Shares of Godrej Properties  GODR.NS  rise 1.5% to 2,885
rupees
    ** Brokerage Jefferies expects co to post 35% pre-sales
growth to more than 300 bln rupees ($3.54 bln) in FY25 as
launches in H2FY25 build on a strong first half 
    ** Adds, jump in project acquisitions has resulted in sales
rising four fold; near-term project launch pipeline is strong
    ** View GODR as main beneficiary of ongoing property sector
consolidation and residential real estate cycle upturn, the note
added
    ** Jefferies reiterates "buy" rating on stock; PT unchanged
at 3,750 rupees
    ** Seventeen analysts covering the stock on avg have a "buy"
rating; median PT is 3,650 rupees, 27% higher than GODR's
current price - LSEG data


($1 = 84.8025 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))