Godrej properties shares were traded lower with more than three percent intraday on August 3, the day after the company declared its income.
Mumbai-based real estate developers on August 2 reported that 154 percent growth of years in consolidated profits at RS 43.3 Crore for the quarter ended in June was mostly in the low base because the second covid wave had reached last year.
Income in the quarter that was reviewed jumped 184 percent to RS 244.67 Crore.
In sequence, the amount is weak because profit drops 83 percent, influenced by the upper line and operating performance, and income from operations decreased 82 percent.
Core profit grew 41 percent year to year to 116 Crore RS for the June quarter in a review but decreased 71 percent in sequence.
At 12:52 pm, shares were traded in RS 1,419.40, down RS 43.75 or 2.99 percent, in BSE. It has touched the high intraday RS 1,487.00 and low intraday RS 1,411.95.
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The company also announced the CEO’s succession plan, with Gaurav Pandey taking over as the new director of the executive and chief executive officer from Mohit Malhotra.
“Godrej Properties announced changes to his leadership team, effective January 1, 2023. Gaurav Pandey, who is currently the North Zone Chief Executive Officer, will take over from Mohit Malhotra as Director of Executive and Executive of the Company,” the company said in BSE archiving.
The CLSA Global Research and Intermediary company has maintained a bad -performing call at stock and has cut the target to be 1,523 Hospital. The view that low collections and stable expenses drag the cash flow. “We maintain pre-sales guidance more than 10,000 crore hospitals for FY23 and remain careful and cut margin estimates,” he said.
Morgan Stanley has a ranking less severe in stock with a target of 1,487 RS. “New launch and project acquisition are the main theme for the company. These steps will consume capital and increase clean gear,” he said.
Bofa Securities has a neutral call on Godrej’s property with a target of 1,650 RS. “The level of affordability that is still entertaining demand. Expecting the impact of the transition of the executive head will be smooth given the internal improvement,” said the research company.