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Q4 Results: Godrej Industries Profit Doubles On Real Estate Gains

Godrej Industries’ profit for the March-ended quarter rose 2.1 times to Rs 297.4 crore. 

The Godrej Industries Ltd. logo is displayed on a safe in the company’s showroom in Mumbai, India. (Photographer: Adeel Halim/Bloomberg)
The Godrej Industries Ltd. logo is displayed on a safe in the company’s showroom in Mumbai, India. (Photographer: Adeel Halim/Bloomberg)

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.

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.