India's Godrej Properties posts rise in Q3 profit on sturdy residential demand

Oberoi Realty

06/02/2024 10:19

BENGALURU, Feb 6 (Reuters) - India's Godrej Properties  GODR.NS  reported a 6% increase in third-quarter
profit on Tuesday, led by the strong demand for residential homes.  
    The Godrej Group company's consolidated net profit was 622.7 million rupees ($7.5 million) for the quarter ended
Dec. 31, compared with  587.4 million rupees a year earlier.
    Revenue from operations more than doubled to 3.3 billion rupees, with bookings increasing proportionately to
57.2 billion rupees.
    For further highlights, click (Full story)
    
    KEY CONTEXT
    Residential real estate  has seen a boom in some parts of India such as Delhi-NCR, led by increased demand from
more affluent Indians investing in premium housing.
    Godrej Properties primarily operates in residential apartments, which constitutes its largest revenue source,
premium houses and commercial spaces. Delhi-NCR serves as its largest sales contributor.
    Rival DLF, which operates primarily in Delhi-NCR, has also reported a jump in third-quarter profit. However,
Oberoi Realty's profit nearly halved, hurt by sluggish sales in Mumbai.
    
    PEER COMPARISON
                                          Estimates (next 12 months)             Analysts' sentiment            
                            RIC         PE    EV/EBI   Revenue     profit    Mean     # of      Stock to      Div
                                               TDA     growth %   growth %  rating*  analyst  price target   yield
                                                                                        s          **         (%)
 Godrej Properties        GODR.NS      66.34  94.07     30.63      38.19     Hold      17         1.26         --
   Oberoi Realty          OEBO.BO      21.76  16.50     26.69      25.69     Hold      19         1.04        0.39
         DLF              DLF.NS       61.07  73.03     19.33      28.48      Buy      15         1.01        0.51
  Prestige Estates        PREG.BO      47.69  18.87     19.66      -11.89     BUY      16         1.12        0.12
      Projects                                                                                              
 * Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above
the PT
    
OCT-DEC STOCK PERFORMANCE
    
-- All data from LSEG
-- $1 = 83.0480 Indian rupees

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 (Reporting by Ashna Teresa Britto in Bengaluru; Editing by Dhanya Ann Thoppil)
 ((AshnaTeresa.Britto@thomsonreuters.com;))