Buy Godrej Properties, target price Rs 1526: Edelweiss Securities

Edelweiss Securities has a buy call on Godrej Properties with a target price of Rs 1526 for a duration of 12 months. The current market price of Godrej Properties is Rs 1219.95.

Godrej Properties Ltd, incorporated in the year 1985, is a Large Cap company with a market cap of Rs 34659.50 Crore, operating in Real Estate sector.

Godrej Properties' key Products/Revenue Segments include Income From Real Estate Development, Sale of services, Other Operating Revenue and Lease Rentals for the year ending 31-Mar-2019.


Investment Rationale
Edelweiss Securities believes Godrej Properties will benefit handsomely from the uptick in housing demand, and that launches and sales trajectory will be key stock catalysts. It builds in the recent QIP and maintains buy rating with a revised target price of Rs 1,526/share.

Financials
For the quarter ended 31-03-2021, the company has reported a Consolidated Total Income of Rs 576.08 Crore, up 85.16 per cent from last quarter Total Income of Rs 311.12 Crore and down -55.28 per cent from last year same quarter Total Income of Rs 1288.17 Crore. Company has reported net profit after tax of Rs -123.38 Crore in latest quarter.