Shares of Godrej Properties Limited rose 19 per cent to hit an all-time high of Rs 2,313.15 on BSE. The stock has been gaining for the last 4 days after the company recorded a sale of Rs 575 crore in a single day.
The stock ended 12.61 per cent higher at Rs 2,195.95 against the previous close of Rs 1,950.10. Market cap of the firm rose to Rs 61,044.63 crore on BSE. The shares stand higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The large-cap stock has risen 53 per cent since the beginning of this year and has delivered 154 per cent return in the last 12 months.
The record sales came during the launch of the second phase of its Godrej Woods project in Noida. Total sales in the project in the past 6 months have reached Rs 1,140 crore. The forest-themed phase is called Evergreen.
The developer said that it sold 340 homes with an area of more than half a million square feet on the first day of the launch. The company called it one of the most successful launches in recent times in the country.
“We are delighted with the response to Godrej Woods. Noida is an important city for our company and we hope to build on this momentum in the years ahead. We will do everything possible to ensure we deliver an outstanding project for all our customers at Godrej Woods,” said Mohit Malhotra, MD and CEO at Godrej Properties.
“We expect GPL to continue to utilise its digital marketing channels, undertake periodic sales activations and manage on-site labour and construction activity to mitigate Covid impact. Over FY23-24E, we expect GPL to clock over Rs 10,000 crore of annual sales bookings in both years subject to the launch of high-value projects in MMR (Bandra/Worli) and NCR (Ashok Vihar),” said ICICI Securities.
According to MarketsMojo, the company has a low ability to service debt as the company has a high Debt to EBITDA ratio of 9.14 times. Also, it has declared negative results for the last 5 consecutive quarters.
Godrej Properties entered the Delhi-NCR market in 2010. It has 17 projects across five cities, out of which six projects have been delivered.
