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Monday, February 01, 2010

Some details on Godrej Properties

Godrej Properties, a unit of Godrej Industries Ltd, raised around Rs469 crore selling 9.4 million shares in December in an IPO that was subscribed four times. The company had fixed its issue price at the lower end of a Rs490-530 range.

The shares touched a high of Rs586.70 on Tuesday, having opened at Rs514.75, and closed at Rs534.55—a gain of 9% on the day. The brand name Godrej surely added positive results on IPO success but its faith will depend on its Valuations.

A sizeable number of Godrej Properties' projects are slated for completion post 2012. While revenue on these projects would be booked on percentage completion basis, sale of projects would be yet another issue. The current proportion of projects sold is in the range of 20-45 per cent (except in case of the Mahalaxmi and Bangalore residential projects), and this includes those already launched and slated for completion by 2010.

The company does own development rights to large tracts of land in Vikhroli and a few other cities with group/promoter companies which may help scale up its revenue base significantly once these projects materialise. However, such revenue stream would be available only over the next three-five year period. These developments may be triggers to reconsider investing in the stock.

3 comments:

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