Godrej Industries Ltd.’s profit for the quarter ended March more than doubled, with its real estate business driving gains.
Net profit rose over 100 percent year-on-year to Rs 297.4 crore. The realty segment witnessed bookings worth Rs 2,161 crore for the January-March period compared with Rs 1,054 crore a year ago. Cost of property development fell 77 percent year-on-year to Rs 71 crore, the company said.
Revenue of the Adi Godrej-led company rose 48.3 percent to Rs 2,972 crore over last year, the company said in a filing. The company also reported exceptional gain of Rs 88.3 crore.
“We have good results despite the economy not doing well during the fourth quarter, generally,” Adi Godrej said at a press conference. “Whenever the GDP growth is a little lower than it used to be, consumption levels get affected.”
The company’s board also recommended a dividend of Rs 1.15 for each share of face of Re 1 for the financial year ended March 31.
Other Highlights:
- Ebitda profit at Rs 238.3 crore versus Ebitda loss of Rs 156.8 crore.
- Deferred tax at Rs 87.9 crore compared with deferred tax reversal of Rs 54.2 crore.
- Inventory loss of Rs 567.9 crore.
- Other income shrinks 50 percent to Rs 169.5 crore.