Godrej Properties is currently among the top five gainers on the BSE; opening over 3% higher at Rs.2648, the stock price surged to an intraday high at Rs.2752, up more than 7%. Its not too far from its 52-week high of Rs.2791.20.

The market is pretty happy with its earnings for Q4FY24 wherein it reported a 5% (YoY) increase in consolidated PAT at Rs.471 crore though revenue from operations fell 13% to Rs.1426 crore.

It ended FY24 with a 21% rise in PAT at Rs.747 crore.

The market is more buoyed by a strong demand in the newly launched projects. The company said that it achieved its best ever pre-sales in A4FY24 at Rs.9500 crore, a 135% increase. Its collections also jumped up 23% at Rs.4700 crore.

More importantly, the company for FY24 had guided a pre-sales of Rs.14,000 crore but it achieved Rs.22,500 crore, a 86% (YoY) increase. For FY25, it has guided pre-sales of Rs.27,000 crore.

Following this, most brokerage houses hiked their target prices and reiterated their “buy” calls which is the reason for the buoyancy in the stock price today.