Whalesbook
Record Sales, Par Profit Mein Kami
Godrej Properties ne FY25 ko ekdum zabardast sales ke saath end kiya hai. Inki annual presales ₹34,170 crore tak pahunch gayi, jo 16% zyada hai pichhle saal se aur company ki khud ki projection se bhi 5% upar thi. Q4 FY25 toh inka best quarter raha, jisme bookings 21% sequentially badhkar ₹10,160 crore ho gayi. Poora 7.3 million square feet ka area bik gaya.
Profits Par Pressure Kyun?
Itni sales hone ke baad bhi, profit mein kami dikhi hai. Q4 FY25 mein net profit 19% girkar ₹382 crore raha, jabki pichhle saal isi quarter mein ₹471 crore tha. Revenue toh 48.77% badhkar ₹2,122 crore ho gaya tha, magar expenses bhi 54% badh gaye, jisse net profit margin 14.4% par aa gaya, jo pehle 24.1% tha. Paisa collect bhi pichhle saal se 17% zyada hua, ₹20,000 crore, par internal target se 5% kam reh gaya.
Real Estate Sector Ka Kya Hoga?
Market experts keh rahe hain ki FY26 mein real estate sector thoda slow ho sakta hai. Sales growth sirf 4-7% rehne ki ummeed hai, jo pehle ke muqable kaafi kam hai. Property prices zyada hone, aur luxury segment ke thande hone ke karan yeh slow down aa raha hai. Stocks bhi 20% tak gir chuke hain aur unsold inventory badh sakti hai.
Brokerage Aur Analysts Kya Kehte Hain?
Analysts Godrej Properties ki sales toh appreciate kar rahe hain, par cash flow generation aur margin compression ko lekar thoda worried hain. Stock prices bhi ab tak 22% gir chuke hain FY25 mein, yeh dikhata hai ki market already kuch challenges discount kar raha hai. Haalanki, kai brokerages ne 'Buy' rating de rakhi hai aur target prices ₹2,096 se ₹2,306 tak ke de rahe hain, matlab 31-38% tak ka upside potential dekh rahe hain.