Q4 Results: Godrej Industries Profit Doubles On Real Estate Gains
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 value of Re 1 for the financial year ended March 31.
- 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.