After Noida, Godrej Properties acquires 90-acre land parcel in Maharashtra
Shares of Godrej Properties Limited (GPL) dropped marginally by 0.87% to ₹2,899.80 apiece on the BSE today after the company acquired a 90-acre land parcel in Khalapur, Maharashtra. The stock opened a tad lower at ₹2,925.00 against Friday’s closing price of ₹2,925.35 on the BSE.
At the time of reporting, the real estate firms’ shares were trading 0.56% lower at ₹2,909.05 apiece, in contrast to the strong broader market, while the market capitalisation stood at ₹80,516.96 crore.
Godrej Properties shares touched its 52-week high of ₹3,400.00 on July 16, 2024, and a 52-week low of ₹1,496.40 on August 14, 2023. The stock dipped 10.76% over the past month, while it gained 28.86% in the past six months, and increased 45.41% year-to-date (YTD).
The acquisition happened shortly after winning two plots in Greater Noida via an e-auction. The Greater Noida plots, spanning around 17.5 acre, comprising 9.5 acres in Sector Sigma-III and 8 acres in Sector 12, were secured for ₹842 crore. This latest acquisition adds to their portfolio with plans to develop 1.7 million square feet of residential plots in Khalapur, the mumbai-based real estate firm stated in a release.
“The land parcels together will offer a development potential of ~3.75 million square feet and an estimated revenue potential of over ₹5,000 crore comprising premium residential apartments of varied configurations,” the company adds in a BSE filing on Friday.
Gaurav Pandey, MD & CEO, Godrej Properties, said, “Residential plotted development has gained significant traction in recent years. Khalapur is a promising upcoming location. Hence following the excellent response to our last development, Godrej Hillview Estate, we aim to expand our presence in the region. We will aim to build an outstanding residential community that creates long-term value for its residents."
On July 31, Godrej Properties reported a 316% increase in consolidated net profit, reaching ₹520 crore for the quarter ending June 30, 2024, up from ₹125 crore in the same period last year.
Total income for the firm rose 25% to ₹1,638 crore in Q1FY25, compared to ₹1,315 crore in Q1FY24. The company's market capitalisation surpassed $10 billion for the first time in Q1FY25. With several ongoing projects, the company's net debt grew to ₹7,432 crore as of June 30, up from ₹6,198 crore at the end of the previous March quarter.
Pirojsha Godrej, Executive Chairperson, Godrej Properties, said, “Godrej Properties delivered another robust quarter registering a multi-fold growth in bookings, operating cash flows, and earnings. With a robust launch pipeline, strong balance sheet, and resilient demand, we are on-track to achieve our bookings target of ₹27,000 crore in FY25 while also achieving our highest ever deliveries and collections performance.”