Godrej Properties cracks despite 54% rise in Q2 net profit

The share price of realty firm Godrej Properties plunged more than 5 per cent in the afternoon session today after the company released its second-quarter results. According to an exchange filing, the Mumbai-based company reported a 54 per cent increase in its consolidated net profit to Rs 54.96 crore for the second quarter that ended in September on higher income. Its net profit stood at Rs 35.73 crore in the year-ago period.

At 2 PM, the stock quoted Rs 1,189 apiece on NSE, cracking more than 5 per cent. On the BSE, the counter was trading at Rs 1183.

The company's total income in the quarter under review rose to Rs 369.20 crore from Rs 334.22 crore a year ago.

During the quarter, the company witnessed total bookings worth Rs 2,409 crore and a total booking volume of 2.71 million sq ft. It launched four new projects and phases in three cities. Its net sales stood at Rs 165.09 crore, up 27.66% from Rs 129.32 crore in September 2021. During the previous quarter, the company recorded the highest-ever quarterly sales with a total bookings value of Rs 2,520 crores, up by 407% from the same period a year ago.

The company's EBITDA in the July-September quarter of the current fiscal stood at Rs. 136.71 crores, down 8.08 per cent from Rs. 148.73 crores in the corresponding quarter last fiscal.

Meanwhile, the company said that it has acquired 12 acres of land in Pune for the development of a housing project that has an estimated sales revenue potential of about Rs 2,000 crore.

Godrej Properties, which is part of the business conglomerate Godrej Group, is one of the leading real estate developers in the country. The stock has delivered a negative return of over 12 per cent in the 6 months. In 2022 so far, the counter has tanked more than 35 per cent.