India`s Godrej Properties posts rise in Q3 profit on sturdy residential demand
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India's Godrej Properties reported a 6% increase in third-quarter profit on Tuesday, led by the strong demand for residential homes.
The Godrej Group company's consolidated net profit was 622.7 million rupees ($7.5 million) for the quarter ended Dec. 31, compared with 587.4 million rupees a year earlier.
Revenue from operations more than doubled to 3.3 billion rupees, with bookings increasing proportionately to 57.2 billion rupees.
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KEY CONTEXT
Residential real estate has seen a boom in some parts of India such as Delhi-NCR, led by increased demand from more affluent Indians investing in premium housing.
Godrej Properties primarily operates in residential apartments, which constitutes its largest revenue source, premium houses and commercial spaces. Delhi-NCR serves as its largest sales contributor.
Rival DLF, which operates primarily in Delhi-NCR, has also reported a jump in third-quarter profit. However, Oberoi Realty's profit nearly halved, hurt by sluggish sales in Mumbai.
PEER COMPARISON
Estimates (next 12 months) Analysts' sentiment
RIC PE EV/EBI Revenue profit Mean # of Stock to Div
TDA growth % growth % rating* analyst price target yield
s ** (%)
Godrej Properties 66.34 94.07 30.63 38.19 Hold 17 1.26 --
Oberoi Realty 21.76 16.50 26.69 25.69 Hold 19 1.04 0.39
DLF 61.07 73.03 19.33 28.48 Buy 15 1.01 0.51
Prestige Estates 47.69 18.87 19.66 -11.89 BUY 16 1.12 0.12
Projects
* Mean of analysts' ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT
OCT-DEC STOCK PERFORMANCE
-- All data from LSEG
-- $1 = 83.0480 Indian rupees
