Godrej Properties stock soared up to 3.43 per cent, at Rs 2,975 per share on the BSE in Friday’s intraday deals. The stock price surged after the company in an exchange filing said that it has emerged as the highest bidder for 2 land parcels in Greater Noida.
The Mumbai based real estate developer stated that the land parcels measure a combined 17.5 acres and have an estimated revenue potential in excess of Rs 5,000 crore
The company participated in an e-auction conducted by the Greater Noida Industrial Development Authority (GNIDA) for residential group housing plots, and made a bid of Rs 842 crore, according to the e-tendering portal of SBI. GNIDA will issue the allotment letters after following the due process.
Spread over 9.5 acres in Sector Sigma – III and 8 acres in Sector 12, the land parcels are located in Greater Noida. The land parcels together will offer a development potential of 3.75 million square feet and an estimated revenue potential of over Rs 5,000 crore comprising premium residential apartments of varied configurations, the company said in a statement.
“We have witnessed strong demand for our projects in the NCR market demonstrating huge trust and confidence which the customers have placed in us. I am very confident that these 2 new acquisitions will further strengthen our development portfolio in NCR as well as cater to strong demand for our products in this market. We will aim to build outstanding residential communities that create long-term value for its residents,” Gaurav Pandey, MD & CEO, Godrej Properties.
The company reported a 316 per cent surge in the first quarter of financial year 2024-25 (Q1FY25) net profit to Rs 520 crore, up from Rs 125 crore a year ago. Total income rose 25 per cent to Rs 1,638 crore.
The share price of the company has zoomed 30.94 per cent in the last six months, while rallying 94.54 per cent in the last one year.
Godrej Properties is presently trading at a price to earnings multiple of 85.60 times, while trading at an earning per share (EPS) of Rs 33.60.
At 13:44 PM; the stock price of the company was trading 2.91 per cent higher at Rs 2,960 per share on the BSE. By comparison the BSE Sensex surged by 1.03 per cent at 79,694 levels.
First Published: Aug 09 2024 | 2:01 PM IST
