Men play volleyball near the under construction Godrej Prime, a residential property project developed by Godrej Properties Ltd., in the Chembur area of Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Project Launches, Existing Inventory Sales Aided Q4 Results, Says Godrej Properties

New project launches and sale of apartments in older projects helped Godrej Properties Ltd.’s March quarter performance, according to its Executive Chairman Pirojsha Godrej.

“We had a good mix of project launches during the quarter such as the Central Park in Pune where we sold around 600 apartments and Aqua in Bengaluru,” Godrej told BloombergQuint in an interview. “We also had good sales from our existing inventory in Mumbai and other cities which combined to make it the best quarter we ever had from a sales perspective.”

The company, he said, was not in “serious consideration” for any acquisition at the entity level, in response to news reports suggesting the Mumbai-based developer may buy Indiabulls Real Estate Ltd.

Also read: Indiabulls Group In Talks With Godrej Properties To Sell Part Of Realty Unit

Key Highlights (YoY)

  • Revenue up 5.1 times to Rs 1,053.1 crore.
  • Net profit up 3.7 times to Rs 156.7 crore.
  • Ebitda profit at Rs 167 crore versus Ebitda loss at Rs 234.6 crore.
  • Other income down 54 percent at Rs 150.1 crore.

Shares snapped a three-day fall and gained 2.4 percent intraday to Rs 850 apiece in today’s trade.

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