Godrej Properties Q2 Results: Profit Rises 97% But Misses Estimates

Godrej Properties Ltd.'s profit surged in the quarter-ended September, but missed analysts' estimates.

The real estate developer's profit rose 96.8% year-on-year to Rs 333.8 crore for the July-September period, from Rs 72.6 crore in the corresponding quarter of the previous fiscal. That compares with the Rs 831-crore consensus estimate of analysts tracked by Bloomberg.

Its revenue from operations rose to Rs 1,093 crore, as compared with Rs 343 crore during the same quarter last year. Analysts polled by Bloomberg estimated it to be Rs 1,024 crore for the quarter.

• Revenue stood at Rs 1,093 crore vs Rs 343 crore (Bloomberg estimate: Rs 1,024 crore).

• Ebitda stood at Rs 31.9 crore vs Ebitda loss of Rs 61.7 crore (Bloomberg estimate: Rs 104 crore).

• Margins stood at 2.91% (Bloomberg estimate: 10.1%).

• Net profit stood at Rs 333.8 crore vs Rs 72.6 crore (Bloomberg estimate: Rs 831 crore).

• Pre-sales rose 3% to Rs 5,200 crore.

• Customer collections rose 68% to Rs 4,000 crore.

• Operating cash flow up 180% at Rs 1,800 crore.

• Achieved 51% booking value guidance of Rs 27,000 crore.

• Achieved 47% cash collections guidance of Rs 15,000 crore.

• Achieved 63% business development guidance of 20,000 crore.

Shares of Godrej Properties were trading 1.26% higher at Rs 2,944.10 apiece on the NSE, as compared with a 0.34% rise in the benchmark NSE Nifty 50 after the results were announced.

(This is a developing story).