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Godrej Properties share price falls as Q4 net profit declines 35%

BusinessToday.In     May 12, 2020

Godrej Properties share price fell in early trade today after the realty firm posted a 35 per cent fall in its consolidated net profit for Q4. Share price of Godrej Properties lost 1.77% to Rs 610.75 compared with previous close of Rs 621.25 on BSE.

The midcap stock has gained 3.72% in the last 3 days. Godrej Properties share price currently trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.

Share price has gained 1.74% in one week. It has lost 37% since the beginning of this year and 21.13 % during the last one year. The stock has fallen 7.5% in last one month. Volume-wise, 5625  shares changed hands on BSE amounting to turnover of Rs 34.70 lakh. The firm logged net profit of Rs 101.08 crore due to higher expenditure in Q4. Net profit stood at Rs 156.66 crore in the year-ago period.

Total income, however, increased by 5 per cent to Rs 1,288.17 crore in the fourth quarter of FY20 from Rs 1,203.21 crore in the previous year. The real estate arm of Godrej Industries reported a 6 per cent rise in consolidated net profit at Rs 267 crore for the financial year ended March 31, 2020 (FY20), compared to Rs 253 crore in the previous year.

Consolidated total income declined 13 per cent to Rs 2,829 crore in FY20 as against Rs 3,236 crore in FY19, Godrej Properties said in a filing to the Bombay Stock Exchange.

Jefferies has initiated coverage on Godrej Properties as its top pick. Jefferies has set a target price of Rs 945 per share for Godrej Properties. During the lockdown, Godrej Properties in April added two new projects in Worli and Matunga East, Mumbai.

Godrej Properties in fourth quarter of last fiscal said it sold over 3,000 homes in the fourth quarter, the highest ever in terms of numbers and value during the period. In the last quarter, the firm received bookings worth Rs 2,380 crore representing quarter-on-quarter growth of 100% and year-on-year growth of 10%. The real estate firm launched 17 new projects in FY20 out of which six were started in Q4.

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