Godrej Properties zooms as real estate firm's Q2 net profit rises 54%

Godrej Properties share Price NSE: The stock of Godrej Properties Ltd (NSE: GODREJPROP) zoomed 5 per cent on Thursday, November 8. The buying in the stocks of real estate firm was buoyed as the it posted 54 per cent rise in net profit in the second-quarter earnings.

The stock opened at Rs 1,165.00 apiece on NSE and then rallied over 5 per cent to trade at Rs 1231 at 1:20 PM. The counter had closed at Rs 1169.70 apiece in the last trading session. 

In the July-September quarter of the current fiscal, Godrej Properties posted a consolidated net profit of Rs 54.96 crore, a jump of 54 per cent. The firm's net profit stood at Rs 35.73 crore in the year-ago period. The total income also rose to Rs 369.20 crore in the second quarter of this fiscal from Rs 334.22 crore a year ago, according to a regulatory filing.

Its sales bookings fell 6 per cent to Rs 2,409 crore in the July-September period against Rs 2,574 crore in the year-ago period.

Brokerages have given mixed reaction on the stock following the release of the company's Q2FY23 numbers.
 

Godrej Properties stock has tanked nearly 50 per cent in a span of one year. In perspective, Rs 2,369.65 apiece on November 10, 2021 is now available to around Rs 1,217.50 a piece.

Godrej Properties, which is part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country and has a market cap of around Rs 34002 crore, according to the NSE website.

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