Godrej Properties Q2 Profit Nearly Doubles, Margins Expand
The company’s revenue for the quarter beat estimates of Rs 243.8 crore.
Shares of the Mumbai-based Godrej Properties Ltd. briefly touched a fresh all-time high after reporting quarterly sales that beat analyst estimate.
Net profit rose 88.1 percent year-on-year to Rs 44.2 crore, the real estate developer said in an exchange filing today. This was in line with a consensus estimate of analysts tracked by Bloomberg. Sales rose 49.4 percent to Rs 492 crore in the same period.
The operating performance was also better than expectations. Earnings before interest, tax, depreciation and amortisation rose more then 3 times to Rs 75.16 crore, higher than Bloomberg consensus estimate of Rs 56 crore. The operating margin expanded 820 basis points to 15.3 percent during the quarter.
“We registered another strong operational quarter with both sales and business development at record levels. We hope to further build on this momentum in the second half of the year,” Pirojsha Godrej, executive chairman of Godrej Properties said in a media statement.
The real estate company’s booking value more than doubled to Rs 1,335 crore from Rs 600 crore in the corresponding quarter last year. Excluding new launches, this number stood at Rs 883 crore.
The company added four new projects with Rs 12.6 million square feet saleable area including:
- LBS Marg, Thane, Mumbai – residential project with saleable area of 2.1 million square feet
- Sarjapur, East Bangalore – residential project with saleable area of 4.7 million square feet
- Devanahalli, North Bangalore – residential project with saleable area of 1.34 million square feet
- Mamurdi, West Pune – residential project with saleable area of 4.5 million square feet
Shares later pared gains to decline 0.19 percent to Rs 722 apiece on the BSE.