103% return in 1 year: Shares of this realty firm surge 5% in opening trade - Buy, sell or hold?

Godrej Properties Share Price Target 2024: Shares of Godrej Properties Ltd. surged over 5 per cent in early trade on Monday as the realty firm reported a 14 per cent increase in its consolidated net profit to Rs 471.26 crore in the fourth quarter of financial year 2024 on higher income amid strong housing demand. The counter opened gap up at Rs 2648 and surged to touch the day's high of Rs 2719.75 - a gain of 5.86 per cent from the previous close of Rs 2569 on the BSE. 

Godrej Properties Share Price History

Shares of Godrej Properties, which has a market cap of Rs 75,460 crore, have a 52-week high of Rs 2,791.20 and Rs a 52-week low of Rs 1,286.55. The counter has gained over 103 per cent in one year and around 48 per cent in six months. The scrip has given a positive return of over 35 per cent so far this year. 

Godrej Properties Share Price Target 2024

Global brokerage firm HSBC upgraded Godrej Properties to 'buy' and raised the target price to Rs 3,070 from Rs 2,040.

Similarly, JP Morgan has upgraded Godrej Properties to 'overweight' from 'neutral' and raised the target to Rs 3100. Jefferies has maintained a 'buy' rating with a target price of Rs 3,175. 

On the other hand, brokerage firm CLSA has maintained a 'sell' rating with a target price of Rs 2,110.

Godrej Properties Q4 Results

Godrej Properties has reported a 14 per cent increase in its consolidated net profit to Rs 471.26 crore in the quarter ending March 31 of financial year 2024. The realty firm's net profit stood at Rs 412.14 crore in the year-ago period.

Total income rose to Rs 1,914.82 crore in the fourth quarter of last fiscal from Rs 1,838.82 crore in the corresponding period of the previous year, the company informed in a regulatory filing.