Godrej Properties shares rise 3% after company reports strong Q3 results; What lies ahead?

Godrej Properties Share Price: Shares of Godrej Properties rose as much as 3.42 per cent in the morning trade on Wednesday, February 7, after the realty player shared its quarterly results for the third quarter of the current fiscal (Q3 FY24) ended on December 31, 2023.
 
At 10.12 AM, the company's shares were trading at Rs 2,334.60 each, up 1.53 per cent on the BSE today.

Godrej Properties Q3 results 

The company earned its highest-ever pre-sales in the December quarter of FY24, totalling Rs 5,700 crore, up 76 per cent from the previous year.
 
Godrej Properties had a net profit of Rs 62.47 crore in Q3 FY24, reporting a 6 per cent hike year-on-year. The company's revenues were Rs 330.44 crore, up 68.39 per cent as compared with Q3 FY2023.

What brokerages say about Godrej Properties' stock

JP Morgan has maintained a neutral call on Godrej Properties and has revised the target to Rs 2,550 from Rs 1,900, while Jefferies has maintained a buy call on the real estate company and has increased the target from Rs 2,635 to Rs 2,700.
 
Morgan Stanley, on the other hand, has maintained an equal-weight call.